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Are a you suffering from high levels of student loan debt? Are you struggling to meet your payments? If so, then you may want to consider a loan forgiveness program to help you reduce your debt, and spread it out so it’s more reasonable. Here are some of the top loan forgiveness programs taken from Money Expert loan comparison.

Loan Forgiveness Programs

Perkins loan cancellation program

This one of the only loan cancellation programs currently in existence. If you took out a federal Perkins loans, they you can have up to 100% of their loans canceled if you work in a public service job for five years. Even if you do not work in a public service job for five years, for every year you work, you will see a percentage of your loans discharged incrementally.

This type of loan cancellation program is particularly beneficial to teachers who work full-time in low-income public schools, or specialize in qualifying subjects, such as math and science.

Teacher loan forgiveness

Teachers who are employed full time in low-income public elementary or secondary schools may be eligible for forgiveness after working for five consecutive years.

Another types of loan-forgiveness program that particularly benefits teachers is teacher loan forgiveness. Teachers who are employed full time in low-income public elementary or secondary schools may be eligible for forgiveness after working for five consecutive years.

Income-driven repayment forgiveness

One of the most popular types of loan-forgiveness programs is income-driven repayment forgiveness. In this system, the federal government offers four main income-driven repayment plans, which allow you to cap your loan payments at a percentage of your monthly income. So depending on how much you make, your loan payments will be capped to a reasonable amount. IF you’re enrolled in one of these plans, then your outstanding loan balance will be eligible for complete forgiveness after 20 or 25 years. This is a good option for former students who have large debt balances in comparison to their current income.

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Public Service Loan Forgiveness

This type of loan forgiveness program is only available to government and qualifying nonprofit employees with federal student loans. After making 120 qualifying payments, those who are eligible for this program can have their remaining loan balance completely forgiven.

Nurse loan forgiveness

Nurses with significant student debt have quite a few loan forgiveness options. For example, they can use Public Service Loan Forgiveness, Perkins loan cancellation, and the NURSE Corps Loan Repayment Program, which pays up to 85% of qualified nurses’ unpaid college debt.

Military student loan forgiveness

If you are employed by the military, in either the Army, Navy, Air Force, National Guard or Coast Guard, then you may qualify for their loan forgiveness programs. These are specific to the different services.

If you qualify for any of these loan forgiveness programs, then you should look into them. The last thing you want it to get in trouble with a debt collector or High Court Enforcement Office (or HCEO). And What is a High Court Enforcement Officer? An HCEO is a position only operable in England and Wales where someone physically comes to your place of residence or business to collect debts. Avoid this situation by looking into loan forgiveness programs.

Jessica Davison

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