Loans you received under the Federal Perkins Loan Program or the Federal Family Education Loan (FFEL) Program don't qualify for PSLF, but they may become eligible if you consolidate them into a Direct Consolidation Loan.
If you have loans that have been in repayment for more than 20 or 25 years, those loans may immediately qualify for forgiveness. Borrowers who have reached 20 or 25 years (240 or 300 months) worth of eligible payments for IDR forgiveness will see their loans forgiven as they reach these milestones.
You must be a direct employee of a qualifying employer for your employment to qualify. This means that employees of contracted organizations, that are not themselves a qualifying employer, won't qualify for PSLF including government contractors and for-profit organizations.
Only loans you received under the Direct Loan Program are eligible for PSLF.
Sallie Mae loans, now serviced by private lenders, do not qualify for federal forgiveness programs. Loan forgiveness is generally reserved for federal student loans under specific programs. Private student loans might offer assistance or flexible terms, but typically lack formal forgiveness options.
Private student loans are usually only forgiven when the borrower becomes permanently disabled or dies—sometimes not even then. While there are several options for federal student loan cancellation and forgiveness, private programs for cancellation are less common.
If you don't meet baseline eligibility requirements, or if you've previously defaulted on a loan, you may not be approved for a federal student loan. You must maintain "satisfactory progress" in school to be approved for student loans. You can take steps to regain or improve your eligibility for student loans.
Only Direct Loan Program loans that are not in default are eligible for PSLF and TEPSLF. Loans you received under the Federal Family Education Loan (FFEL) Program, the Federal Perkins Loan (Perkins Loan) Program, or any other student loan program are not eligible for PSLF.
Navient offers private student loan forgiveness for borrowers misled by their schools. Eligibility is based on school misconduct, not employment or income. Borrowers must submit an application explaining how their school deceived them and provide supporting documentation.
You may be eligible for income-driven repayment (IDR) loan forgiveness if you've have been in repayment for 20 or 25 years. An IDR plan bases your monthly payment on your income and family size.
After at least 20 years of student loan payments under an income-driven repayment plan — IDR forgiveness and 20-year student loan forgiveness. After 25 years if you borrowed loans for graduate school — 25-year federal loan forgiveness.
Many student loan borrowers have an opportunity to receive full student loan cancellation or more credit towards cancellation. The U.S. Department of Education will conduct a one-time adjustment this summer , but you may need to take steps to qualify. The deadline to act is June 30, 2024. Here's what you need to know.
Which loans are eligible for loan forgiveness? Only Federal Direct Loan Program loans that are not in default are eligible for PSLF (ie - Direct Subsidized Loans, Direct Unsubsidized Loans, Direct PLUS Loans, Direct Consolidation Loans).
The Biden-Harris Administration announced today several additional actions to forgive federal student loans for public servants and borrowers with disabilities, as well as the loans of borrowers who attended colleges that engaged in wrongdoing.
Only borrowers who have entered repayment on at least one of their loans when the debt relief is applied would be eligible for forgiveness on the loan(s) in repayment.
Sallie Mae is not a federal loan servicer.
When Sallie Mae first formed, it was a government-sponsored enterprise servicing federal student loans — or loans made by the government. But in 2014, it split into two separate companies.
Yes. Any month when your scheduled payment under an income-driven repayment plan is $0 will count toward PSLF if you also are employed full-time by a qualifying employer during that month.
Generally, there are two types of student loans—federal and private. Federal student loans and federal parent loans: These loans are funded by the federal government. Private student loans: These loans are nonfederal loans, made by a lender such as a bank, credit union, state agency, or a school.
Federal Pell Grants usually are awarded only to undergraduate students who display exceptional financial need and have not earned a bachelor's, graduate, or professional degree. (In some cases, however, a student enrolled in a postbaccalaureate teacher certification program might receive a Federal Pell Grant.)
What income is too high for FAFSA? There is no income that is too high to file a FAFSA. No matter how much you make, you can always submit a FAFSA. Eligibility for need-based financial aid increases as the cost of attendance increases, so even a wealthy student might qualify for financial aid at a higher-cost college.
No, there is no way to change private student loans to federal loans. However, you can refinance your private and federal loans together, ideally to qualify for a lower rate or better loan terms.
Those who borrowed from Sallie Mae after this 2014 split have private student loans, which aren't eligible for federal forgiveness programs. However, Sallie Mae will discharge debts for borrowers who die or become totally and permanently disabled.
To get rid of them, you'll need to pay off the balance in full or qualify for a loan forgiveness option like Public Service Loan Forgiveness or Total and Permanent Disability Discharge. Read more about how to get a copy of a student loan promissory note. Learn More: Do Student Loans Go Away After 20 Years?