Private Student Debt Relief Loan Consolidation Resource Guide

Forgiveness Options For Federal Student Loans

If you are suffering a qualified hardship, you could have your federal student loans forgiven, cancelled, or discharged. That means you are no longer responsible for paying back part, or all, of your loan.

Tip: Borrowers have the choice to use either their 2021 or 2020 tax return information when applying for loan forgiveness.

If You Don’t Qualify, You Must Pay Back The Loan Even If You:

Don’t graduate

Don’t find a job related to your major

Aren’t satisfied with your education.

There Are Many Types Of Forgiveness, Cancellation, And Discharge Options Available.

What you are eligible for depends on the type of federal student loans you have

Public Service Loan Forgiveness

Forgives the remaining balance if you have made 120 qualifying payments, been making qualified repayments, ot worked full-time for a qualified employer

Teacher Loan Forgiveness

If you teach full-time for 5 complete & consecutive academic years in a qualifying school, or educational service agency, up to $17,500 may be forgiven.

Closed School Discharge

If your school closes while enrolled or soon after you withdraw, you may be eligible for discharge.

Perkins Loan Cancellation and Discharge

Cancelled, based on your employment or volunteer service, or discharged under certain conditions

Total and Permanent Disability Discharge

You may have your federal student loans and/or Teacher Education Assistance for College and Higher Education discharged

Discharge Due to Death

Federal student loans will be discharged if the borrower or the student passes away.

Discharge in Bankruptcy (in rare cases)

In some cases, you may have your federal student loan discharged if you declare bankruptcy.

Borrower Defense to Repayment

You may be eligible for discharge if you took out the loans to attend a school that didn’t fulfill its responsibilities.

False Certification Discharge

You might be eligible for a discharge if your school falsely certified your eligibility to receive one.

Unpaid Refund Discharge

If you withdrew from school and the funds weren’t returned, you might be eligible for that portion to be discharged

Forgery Discharge

Victims of forgery or identity theft might be eligible for a discharge of loan(s) fraudulently made in your name.

Eligibility for Parent Borrowers

A parent PLUS loan can be discharged if the parent passes away or becomes permanently disabled, it is discharged in bankruptcy, or the loan recipient passes away

Forbearance

President Biden extended a temporary pause on student loan payments and interest accrual to 2023.

There Are Many Types of Student Loans

The two main types of student loans are federal and private. Within each type are subsets that might appeal to you based on your credit history, financial need, and other factors.

Federal loans were established to help students with limited funds, or a poor credit history, receive a good education. Private loans offer customized options to students with a strong credit history.

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We’ve transformed the lives of more than 500,000 people

Jay H., Father and lifelong Seattle football fan

Now I wake up knowing that I am paying off my debt, it’s like a weight lifted off my chest and I can breathe a bit more.

Total Debt$14,756

Monthly Payment$275

Program Length12 months

Total Savings$5,518

Michelle V., Military college advisor, single mother of 2

“The anxiety is gone, I am credit card debt-free. And that right there, I never thought I would be able to say those words, and it just feels so good.”

Total Debt$19,164

Monthly Payment$398

Program Length46 Months

Total Savings$4,499

Michelle saved 23% on her debt

Nas E., Family man

Now I’m able to go on vacation for the first time in a long time- I was able to go and relax. I couldn’t do that before.

Total Debt$22,172

Monthly Payment$444

Program Length40 months

Total Savings$4,554

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Forgiveness Options For Federal Student Loans

There Are Many Types Of Forgiveness, Cancellation, And Discharge Options Available.

There Are Many Types of Student Loans

Federal Student Loans

Private Student Loans

Fees

Borrowing Limits

Interest Rates

Cancellation Policy

How to Apply for a Federal Student Loan

How to Apply for a Private Student Loan

Repayment Options for Federal Student Loans

Repayment Options for Private Student Loans