FedLoan Student Loan Forgiveness Programs
Due to FedLoan’s partnership with the Department of Education, there are several FedLoan student loan forgiveness programs available to eligible borrowers.
FedLoan and Public Service Loan Forgiveness (PSLF)
If you’re a public employee, or you serve full-time in AmeriCorps or the Peace Corps, you might be eligible for Public Service Loan Forgiveness (PSLF) through FedLoan.
To qualify for PSLF with FedLoan, you’ll need to make 120 consecutive, on-time payments towards qualifying loans. But once you’ve met all the requirements, your student loans could be forgiven completely.
Have you been denied for PSLF before? Check out the latest news on a Temporary Expanded Public Service Loan Forgiveness (TEPSLF), a new program that helps eligible borrowers obtain loan forgiveness even after having an application rejected.
FedLoan and Teacher Loan Forgiveness
If you’re a teacher with a Direct Loan or FFEL program loan, you might qualify for Teacher Loan Forgiveness, as long as you meet other job-related requirements.
One of the top requirements for Teacher Loan Forgiveness through FedLoan is teaching full-time at a low-income school or educational service agency. However, by meeting the programs requirements, you could be eligible for up to $17,500 in loan forgiveness on your qualifying loans.
Teachers with a Perkins Loan might also qualify for a Perkins Loan Cancellation if other requirements are met. You can learn more about a Perkins Loan Cancellation for teachers and other programs here.
FedLoan and Total and Permanent Disability (TPD) Discharge
To qualify for FedLoan’s TPD Discharge, you need to submit paperwork from Veterans Affairs, your doctor, or the Social Security Administration verifying your disabled status. If your TPD Discharge is approved, any balances remaining on your student loans can be erased by your lender.
As the exclusive servicer of the TPD Discharge program, all approved loans will be moved to Nelnet servicing in order to complete the forgiveness process.
FedLoan and Other Student Loan Discharges
Looking for other ways to free yourself from student debt? There are a number of FedLoan student loan discharge programs you might qualify for, depending on your circumstances. These include:
- School closure discharge
- False certification discharge
- Unpaid refund discharge
If approved, a student loan discharge through FedLoan could release you from your obligation to pay back your qualifying debt.
FedLoan and Income-Driven Repayment Plans
Most FedLoan student loan forgiveness programs require you to have certain types of loans for eligibility. If your student loans aren’t currently eligible for loan forgiveness, here are some income-driven repayment plans that could help you qualify:
- Income-Based Repayment (IBR) Plan
- Pay As You Earn (PAYE) Repayment Plan
- Revised Pay As You Earn (REPAYE) Repayment Plan
- Income-Contingent Repayment (ICR) Plan
- Income-Sensitive Repayment (ISR) Plan
Income-driven repayment plans typically offer lower monthly payments, longer repayment periods, and may qualify you for one or more student loan forgiveness programs that can help you become debt-free.