- What is Loan Forgiveness?
In certain circumstances you may be eligible to apply for loan forgiveness. Loan forgiveness means that the federal government will cancel all or part of your Federal Direct Subsidized and/or Unsubsidized loan for:• Performing volunteer work; • Serving in the military• Teaching or practicing medicine in certain types of communities; • or, • Meeting other criteria specified by the forgiveness program. To see if you are eligible for loan forgiveness, visit: http://studentaid.ed.gov/PORTALSWebApp/students/english/discharges.jsp?tab=repaying
- What is Public Service Loan Forgiveness?
If you borrowed a Direct Loan, or have consolidated your loans into a Direct Consolidation Loan, you may be eligible for Public Service Loan Forgiveness. Under this program, any remaining debt after 10 years of full-time employment in public service will be forgiven. Only payments made on or after October 1, 2007 count toward the required 120 monthly payments. For more information on the Public Service Loan Forgiveness program, visit: http://studentaid.ed.gov/students/attachments/siteresources/LoanForgivenessv4.pdf