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Explore Loan Forgiveness Programs
Discover ways to help you erase your debt faster.
Loan forgiveness programs make borrowing money for education expenses an even better deal for some students. By following guidelines set up for each program, qualifying borrowers can wipe out their debt over a shorter period of time.
Public Service Loan Forgiveness Program
Congress created the Public Service Loan Forgiveness Program (PSLFP) to encourage individuals to enter certain public service professions. Under this program, a qualifying borrower may have a portion of his or her federal Direct loans forgiven after 120 monthly payments under an eligible repayment plan. Find out more about qualifying public service occupations, particular service organizations, and information on applying.
Teacher Loan Forgiveness Program
The Teacher Loan Forgiveness Program (TLFP) is available for teachers who meet certain requirements, for example, by teaching in schools that serve low-income students.
Up to $5,000 ($17,500 for secondary math or science, or elementary or secondary special education teachers) of the amount borrowed in Direct or FFELP loans, and up to 100 percent of the amount borrowed in Perkins loans, may be canceled for a teacher who meets the requirements over a five-year period. Find out more about the Teacher Loan Forgiveness Program.