8 Ways You Can Quit Paying Your Student Loans (Legally)
Student loan forgiveness programs
There are legitimate government programs, such as Public Service Loan Forgiveness, that can reduce or eliminate federal student loans after a certain amount of time. ... Borrowers on income-driven repayment plans can get their remaining loans forgiven after they make payments for 20 or 25 years, depending on the plan.
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Public Service Loan Forgiveness
PSLF forgives the remaining balance on your Direct Loans after you have made 120 qualifying monthly payments under a qualifying repayment plan while working full-time for a qualifying employer.
Your responsibility to pay student loans doesn't go away after 7 years. But if it's been more than 7.5 years since you made a payment on your student loan debt, the debt and the missed payments can be removed from your credit report. And if that happens, your credit score may go up, which is a good thing.
The Public Service Loan Forgiveness program discharges any remaining debt after 10 years of full-time employment in public service. The borrower must have made 120 payments as part of the Direct Loan program in order to obtain this benefit.
Student loans may be forgiven after 20 years if you meet a few requirements. If you're looking for 20-year student loan forgiveness, then you'll want to opt for an income-driven repayment plan (IDR).
Student loan forgiveness is possible after 20 years if you're only repaying undergraduate loans, or after 25 years for any of the loans you're repaying from graduate school or professional study. Student loan forgiveness is possible after 25 years of repayment.
The $90 billion of student loan forgiveness isn't the only student loan debt that has been cancelled during the Covid-19 pandemic. ... If Congress or the president enacts student loan cancellation, it would be incremental to the student loan forgiveness that will continue through September 30, 2021.
It's important to understand that there are no exclusive Navient student loan forgiveness programs. However, there are many general student loan forgiveness programs that Navient borrowers may be eligible for.
The National Consumer Law Center estimates that while approximately two million student loan borrowers have been in repayment for more than 20 years, just 32 borrowers have ever qualified for loan cancellation through the federal government's income-driven repayment program.
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