If you’re anything like the majority of college graduates within the last ten years, you have more than likely taken out student loans to get your hands on that degree.
The good news is that almost a whopping 25% of college graduates qualify for programs that can forgive your student loans… yes.. that’s right. Meaning a not so bittersweet goodbye to all of that debt!
Public Service Loan Forgiveness
Public Service Loan Forgiveness (PSLF) is the most common applicable and more than generous forgiveness plan.
It is a federal plan, and you are eligible to receive PSLF if you have federal student loans and are working for a qualifying institution ANYWHERE here in the homeland of the United States.
State Level Loan Forgiveness
There are bundle of state-level programs that provide an annual debt payment for service in qualifying cities/states and jobs.
The most common qualifying professions are health services, education, social work, veterinary services and legal services.
You can find more information by checking with your states’s higher education authority to find out if state level student loan forgiveness plans are offered.
Perkins Loan Cancellations
Perkins Loans are for students with financial need, made directly by colleges and universities. These loans can actually be “canceled” for graduates who are employed in a wide variety of public service fields, including education, public safety, health services, active duty military, public defense.
See the full list of professions eligible for Perkins Loan cancellation here.
Military Loan Forgiveness
The Air Force, Army, Navy and the National Guard offer student loan forgiveness to some degree to servicemen and women who have debt in student loans.
As mentioned previously, if you served in the military on active duty, you are eligible to have part or all of your Perkins loans canceled.