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ABC Accounting Group
ABC Accounting Group, Financial Advisor
Category: Finance
Satisfied Customers: 128
Experience:  Accounting Manager
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I have a question in regards to Student Loans... is there a

Customer Question

I have a question in regards ***** ***** Loans... is there a period time in paying your loan back consecutively that you are then forgiven for the loan amount? I know if you go into certain fields that exist but is there any other way for a Student loan to be forgiven? My husband owes a lot on his student loan and just trying to figure out how to manage it.
Submitted: 2 months ago.
Category: Finance
Expert:  ABC Accounting Group replied 2 months ago.

Hi. Sorry to hear. Time frame depends on the loan.

However, there are a number of situations under which you can have your federal student loan balance forgiven.

A couple examples of situations in which your federal student loans may be forgiven include:

  • Teacher Loan Forgiveness: If you teach full-time for five complete and consecutive academic years in certain elementary and secondary schools and educational service agencies that serve low-income families, and meet other qualifications, you may be eligible for forgiveness of up to a combined total of $17,500 on certain federal student loans.
  • Public Service Loan Forgiveness (PSLF): If you work full-time in certain public service jobs you may qualify for forgiveness of the remaining balance of your Direct Loans after you’ve made 120 qualifying payments on those loans—that’s usually about 10 years of payments. Serving in the Peace Corps or AmeriCorps is considered qualifying employment. For loan repayment and borrower eligibility requirements.

If you have a Federal Perkins Loan, you can apply to the school that made the loan or contact the loan servicer the school has designated.

In addition to above, certain types of cancellations are available to military personnel, teachers, nurses, child care providers, or borrowers affected by the closure of a school. The rules are different, depending on the type of loan you have.

Also, here is a website to help you:

Expert:  ABC Accounting Group replied 2 months ago.

Best Wishes to you. Let me know if you have any questions. Thank you.

Expert:  ABC Accounting Group replied 2 months ago.

I hope I was able to help you. If this answered your question please take a few moments to rate my response. It will be at the top of the page - ranging from 1 to 5 stars. If you need any clarification of my response or have any further questions, I am here. Thank you. Have a wonderful afternoon.

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