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🧾 Overview of Student Loan Forgiveness Programs
The U.S. federal government provides several student loan forgiveness options, primarily for federal student loans. These programs are designed to assist borrowers who meet specific criteria, such as working in public service or making consistent payments over time.
1. Public Service Loan Forgiveness (PSLF)
Eligibility: Full-time employment with a U.S. federal, state, local, or tribal government, or a non-profit organization.
Requirements: Make 120 qualifying monthly payments under a qualifying repayment plan.
Forgiveness: Remaining balance on Direct Loans after meeting the above criteria.
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2. Income-Driven Repayment (IDR) Forgiveness
Plans: Includes plans like Income-Based Repayment (IBR), Pay As You Earn (PAYE), and Saving on a Valuable Education (SAVE).
Eligibility: Based on income and family size.
Forgiveness: Remaining loan balance after 20 or 25 years of qualifying payments, depending on the specific plan.
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3. Teacher Loan Forgiveness
Eligibility: Full-time teachers in low-income schools or educational service agencies.
Forgiveness: Up to $17,500 on Direct Subsidized and Unsubsidized Loans after five consecutive years of service.
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4. State and Profession-Specific Programs
Various states and professions offer targeted loan forgiveness programs, such as:
Medical Professionals: Programs for doctors, nurses, and other healthcare workers in underserved areas.
Military Service: Forgiveness options for service members in specific roles.
Lawyers and Public Defenders: Assistance for those serving in public interest roles.
⚠️ Recent Changes and Considerations
As of May 2025, several developments have impacted student loan forgiveness:
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Resumption of Loan Collections: The federal government has resumed collections on d