5 Student Loan Forwarding Options

In certain situations, you can eliminate some or all of your student loans through the student loan forgiveness program. Depending on your degree and current profession, you may qualify for one of the many student loan forgiveness programs.

Get a student loan is forgiven during your job

If you are wondering if you can get a student loan forgiven during your job, ask someone in your HR department. Here are 5 ways to forgive your student loan:

1. Volunteer

Certain volunteer organizations provide student loan forgiveness in exchange for a specified amount of your time. If you volunteer, you can get up to 70 percent of your student loan forgiven. Visit their websites to learn more about student forgiveness programs.

2. Become a full-time teacher

If you have a Perkins loan, you can forgive it part-time at an elementary, middle, or junior high school that serves children from low-income families. The more you teach, the more you can be forgiven. Your local school board will have additional information about which schools in your district provide student loan waivers under the National Education Act.

Other states have additional student loan taxation programs that allow you to forgive student loans in additional situations.

You can always contact your Educational Commission for information about forgiving your student loan.

3. Join the military

One of the benefits of joining the military is paying off a student loan. Currently, the Army, Army National Guard, Air Force, Air Force National Guard, and Navy are offering student loan repayment programs of up to USD 20,000 depending on the branch.

Unfortunately, the Marine Corps, Coast Guard, and Air Force Reserves do not provide student forgiveness. For more information on military student loan forgiveness, visit this article on the Military School Loan Repayment Program.

4. Become a doctor or lawyer

Medical and legal professionals can end up with a six-figure student loan debt. Fortunately for these Ph.D. students, there are several student recovery programs that can reduce student workload.

  • The National Institutes of Health misses out on some student loan debt for medical students completing certain types of medical research including clinical, medical disparities and contraceptive research.
  • Certain health care providers can receive up to USD 50,000 in student loans that are forgiven through the National Health Service loan repayment program in exchange for two years of volunteer service at a clinic that has health care shortages. You may be able to obtain additional forgiveness for the additional service.
  • Law school graduates may have some of their student loans that are forgiven for nonprofit work. Equal Justice Works has a list of law schools that have a loan repayment assistance program. If your school is on the list, contact the financial aid department to find out how you can forgive student loans.

5. Wait 25 years or (20 years for new credits)

If you have a federal loan and have an Income Repayment Plan (IBR), you can arrive at your student loan balance after 25 years or 10 years if you work in public service.

All federal student loans are eligible, except for non-performing student loans, Parent PLUS loans, and Parent PLUS consolidation loans. Your monthly student loan payment is limited based on your income and family size. For example, a family of 3 with an annual income of USD 45,000 will only pay USD 157 per month on the IBR plan.

You can apply for an IBR by contacting the lender servicing your loan. Loans drew after July 22, 2014, on the IBR plan will be forgiven after 20 years instead of 25 years. President Obama recently announced plans to accelerate that date by 2012. Visit the Federal Student Aid and IBR Info page for more information.

Who pays for student loan repayment


Many people, especially those who have worked hard to repay their loans, oppose forgiving a student loan (at least federal loans) because they are funded by taxpayers. If the federal government forgives your student loans, it means taxpayers have paid for your college education.

In that sense, it’s the same as using government grants to fund your education. Missing out on a private student loan is pretty non-existent, but if lenders offering these types of programs, other bank customers would eventually be able to finance them through fees and interest.

Disadvantages for Student Loan Extension


In certain situations, you are required to report forgiven loans as taxable income. This can increase your tax liability that year and could result in a tax bill when you file in April. Not all student loan forgiveness programs require you to pay tax on the debt you forgive. Contact your provider for more information.

Comments closed.