Dec 1, 2023
List of 2024 Student Loan Relief Programs. See if You Qualify (Updated)
Student Loan Forgiveness Programs
1. Income-Driven Repayment Forgiveness: The federal government offers four primary income-driven repayment plans, allowing you to cap your loan payments as a percentage of your monthly income. While enrolled in one of these plans, your remaining loan balance becomes eligible for forgiveness after 20 or 25 years, depending on the plan. These plans are particularly helpful for borrowers with substantial loan balances relative to their income. It's worth noting that as of March 2021, loan forgiveness through income-driven repayment became tax-free until the end of 2025. However, most borrowers will not qualify for this forgiveness until the early 2030s.
2. Public Service Loan Forgiveness (PSLF): PSLF is available to government and qualifying nonprofit employees with federal student loans. Eligible borrowers can have their remaining loan balance forgiven tax-free after making 120 qualifying loan payments. Through October 31, 2022, the Education Department expanded the types of payments on federal student loans that count toward PSLF through a limited waiver.
3. Teacher Loan Forgiveness: Teachers employed full-time in low-income public elementary or secondary schools may be eligible for Teacher Loan Forgiveness after working for five consecutive years. They can have up to $17,500 in federal direct or Stafford loans forgiven. To qualify, teachers must have taken out loans after October 1, 1998.
4. Student Loan Forgiveness for Nurses: Nurses with student debt have several options for loan forgiveness, including Public Service Loan Forgiveness, Perkins loan cancellation, and the NURSE Corps Loan Repayment Program, which pays up to 85% of qualified nurses' unpaid college debt. Public Service Loan Forgiveness is the most common option for most nurses.
Other Student Loan Forgiveness Programs
Additionally, there are niche student loan forgiveness or payment assistance programs available through federal or state initiatives, depending on your profession and work location:
1. State-Sponsored Repayment Assistance Programs: Certain states offer programs to assist licensed teachers, nurses, doctors, and lawyers in repaying their debt. For example, the Mississippi Teacher Loan Repayment Program provides financial assistance to teachers who meet specific qualifications.
2. Military Student Loan Forgiveness and Assistance: Military personnel in various branches may qualify for their own loan forgiveness programs. The National Guard, for instance, offers the Student Loan Repayment Program for eligible soldiers and officers.
3. Additional Student Loan Repayment Assistance Programs (LRAPs): Some national or organizational programs, such as those by the National Institutes of Health and the American Bar Association, offer assistance to professionals working in public service roles.
Student Loan Cancellation Programs
1. Perkins Loan Cancellation: Borrowers with federal Perkins loans can have up to 100% of their loans canceled by working in a public service job for five years.
Student Loan Discharge Programs
1. Closed School Discharge: If your school closes and you were enrolled or left within 120 days without receiving a degree, you may qualify for loan discharge.
2. Borrower Defense to Repayment Discharge: Borrowers defrauded by their colleges may qualify for debt relief through the Borrower Defense to Repayment claim with the U.S. Department of Education.
3. Total and Permanent Disability Discharge: If you are totally and permanently disabled, you may qualify to have your remaining student loan debt canceled, provided you provide documentation of your disability.
4. Total and Permanent Disability Discharge for Veterans: Disabled veterans are eligible for automatic discharge of their student loan debt.
5. Discharge Due to Death: In the unfortunate event of the borrower's death, federal loans are discharged upon submission of a death certificate.
- Be cautious of debt relief scams. Legitimate federal forgiveness, cancellation, and discharge programs are free through the Department of Education.
- Forgiveness is not an option for defaulted loans. Defaulted federal loans must be brought into good standing through consolidation or rehabilitation before becoming eligible for forgiveness programs.
Please note that program details and eligibility criteria can change over time, so it's essential to verify the most up-to-date information with the relevant authorities.
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Through our innovative platform, homeowners can access a portion of their home's value every month and use it to consolidate and pay off their student loans. This approach can lead to potential interest rate reductions, streamline monthly payments, and offer long-term cost savings. Restate Homes provides a distinctive solution for homeowners seeking an effective way to manage and alleviate their student loan debt.
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