Repayment & Loan Forgiveness
*Note that some of these plans are only available for student loans, not parent loans.
If you are enrolled in school at least half-time, are in active military service, have a documentable economic hardship, or are unemployed, you may have the right to apply for a deferment or forbearance to temporarily postpone your student loan payments.
Provides forgiveness of a borrower’s Federal loans after 10 years of on-time repayment, IF they are in either the Income-Based or Income-Contingent repayment plans AND the student has been employed full-time for those 10 years by a Public Service entity (most Federal, state, county, and local agencies qualify, as well as other public and private non-profit companies).
Students who become classroom teachers have possibilities for student loan forgiveness as well as cancellation of Federal Perkins Loans if they work at schools which serve low-income families for five years.