Is it possible to get student loans forgiven

If you believe that the school you attended misled you or engaged in misconduct in violation of certain laws, the federal student loans you obtained to attend that school may be eligible for forgiveness, called Borrower Defense to Repayment.

Learn more about the process, eligibility requirements and how you can apply. Learn more about the Total and Permanent Disability Discharge process , eligibility requirements, and how to apply. Note: Servicing for this process is managed by another federal student loan servicer. If you apply for a Total and Permanent Disability Discharge, your eligible loans will be transferred from Great Lakes to that servicer. Not Eligible for Total and Permanent Disability?

If you believe you qualify for one of the programs other than the Total and Permanent Disability Discharge, complete and submit a loan forgiveness, cancellation, or discharge application form. Detailed instructions for downloading and installing the Acrobat Reader are located on the Adobe website. Not everyone follows the same path while in school, or afterward when you're expected to pay back your loans.

Learn more about other repayment options to find the one that best fits your circumstances. You don't have to pay for student loan services or advice. Our expert representatives have access to your latest student loan information and understand all of your options.

Learn more about the free services available to you. Have a social account and have a question? Send us a message. We're here to help. You can chat with us a few ways:. You can also log in or visit our Contact Us page to contact a representative. Obama student loan forgiveness. If you encounter a company offering "Obama student loan forgiveness," consider it a red flag. Enrolling in federal programs like income-based repayment and federal student loan consolidation is free to do on your own through the Department of Education.

There are a few additional niche student loan forgiveness or payment assistance programs you may qualify for through federal or state programs. Eligibility in these programs depends on your profession and where you work.

State-sponsored repayment assistance programs. Licensed teachers, nurses, doctors and lawyers in certain states may be able to take advantage of programs to assist with repaying debt. Military student loan forgiveness and assistance. Additional student loan repayment assistance programs LRAPs : There may be other national or organizational student loan repayment assistance programs offered for public service professions.

Perkins loan cancellation. In many cases, approved borrowers will see a percentage of their loans discharged incrementally for each year worked. The Perkins loan teacher benefit is for teachers who work full time in a low-income public school or who teach qualifying subjects, such as special education, math, science or a foreign language.

Closed school discharge. You may qualify for loan discharge if your school closes. At the time of closure, you must have been enrolled or have left within days, without receiving a degree.

If you qualify, contact your loan servicer to start the application process. Borrower defense to repayment discharge. Borrowers defrauded by their colleges may qualify for debt relief. Department of Education. If you qualify, you may have your loans automatically discharged, at the discretion of the Education Department, if your school was involved in clear, widespread fraud or misrepresentation that affected a broad group of borrowers. Total and permanent disability discharge.

If you cannot work due to being totally and permanently disabled, physically or mentally, you may qualify to have your remaining student loan debt canceled. Once your loans are discharged, the government may monitor your finances and disability for three years. Details on the application process are available at disabilitydischarge.

Total and permanent disability discharge for veterans. Borrowers should not take any precipitous action in anticipation of loan forgiveness. Even if Biden or Congress were to enact a plan, eligibility and the amount of loan forgiveness are likely to be limited. Borrowers with FFELP loans might consider consolidating them into a Federal Direct Consolidation Loan, in case the loan forgiveness is limited to student loans that are held by the federal government.

Consolidating FFELP loans can also make them eligible for the payment pause and interest waiver, which runs through September 30, The main risk associated with consolidation is that it resets the monthly payment clock for qualifying for year forgiveness in an income-based repayment plan. Also, if a student borrower is receiving discounts from the FFELP lender, they will lose that benefit if they consolidate.

Direct Loans offer a 0. Borrowers who are thinking about refinancing federal loans into a private loan to lock in current low interest rates may want to wait. Borrowers have time to wait and see what happens with loan forgiveness before refinancing their federal loans.

On the other hand, borrowers with private student loans do not risk losing forgiveness if they refinance their private student loans into a new private loan. Borrowers who still have jobs and are able to continue making payments on their student loans should bank the money or pay down other debt, instead of making extra payments on their loans.

Generally, any borrower who expects to receive loan forgiveness should not make extra payments when they are not required to do so, as that just reduces the amount of forgiveness they will eventually receive. After the details of student loan forgiveness are announced, borrowers can use the banked money to pay down debt as appropriate. If a borrower expects to receive loan forgiveness under President Biden, they can stop making federal student loan payments during the payment pause and interest waiver period, which was extended through January 31, However, given the uncertainties around student debt cancellation, borrowers may want to continue making payments.

But, some borrowers may be eligible for an existing student loan forgiveness program. A borrower is eligible for loan forgiveness after making qualifying payments. During the payment pause, borrowers can still earn credit toward PSLF. As long as they continue to meet the eligibility requirements and submit the PSLF form, they will receive qualifying payment credit. Borrowers who will not qualify for loan forgiveness when the relief period ends can also consider an income-driven repayment plan.