There any a variety of reasons and programs for loan forgiveness, however all have some very specific criteria that must be met to have loans forgiven. If you're still in school and not sure what path you want to take from a career perspective, it's smart to look now at the careers and criteria that are part of a forgiveness program so that you can plan your post-college career search.
To enroll in a student loan forgiveness program you would contact the loan servicer of your loan. The most common loan forgiveness program is the PSLF or Public Service Loan Forgiveness program. The PSLF forgives any remaining balance after 120 payments are made on a direct loan by somone in a qualified profession. Qualified employment includes a lot of jobs in service organizations, like teachers in public schools, or people employed by charitable organizations. Here's a link to a list of jobs qualified for PSLF on the Federal Student Aid website https://studentaid.ed.gov/sa/repay-loans/forgiveness-cancellation/public-service#qualifying-employment.
If your loans are state loans, each state has different forgiveness policies and you should check with the state agency that administers your program to determine if you're eligible for forgiveness. Private loans are dependent on the provider as well.
Aside from the PSLF program, there are other types of forgiveness programs for federal loans. There are also other programs for military personnel, teachers, nurses, child care providers, or borrowers affected by the closure of a school. Check the Federal Student Aid website for more details. https://studentaid.ed.gov/sa/repay-loans/forgiveness-cancellation
WalletHub Answers is a free service that helps consumers access financial information. Information on WalletHub Answers is provided “as is” and should not be considered financial, legal or investment advice. WalletHub is not a financial advisor, law firm, “lawyer referral service,” or a substitute for a financial advisor, attorney, or law firm. You may want to hire a professional before making any decision. WalletHub does not endorse any particular contributors and cannot guarantee the quality or reliability of any information posted. The helpfulness of a financial advisor's answer is not indicative of future advisor performance.
WalletHub members have a wealth of knowledge to share, and we encourage everyone to do so while respecting our content guidelines. Please keep in mind that editorial and user-generated content on this page is not reviewed or otherwise endorsed by any financial institution. In addition, it is not a financial institution’s responsibility to ensure all posts and questions are answered.
Ad Disclosure: Certain offers that appear on this site originate from paying advertisers, and this will be noted on an offer’s details page using the designation "Sponsored", where applicable. Advertising may impact how and where products appear on this site (including, for example, the order in which they appear). At WalletHub we try to present a wide array of offers, but our offers do not represent all financial services companies or products.