Alternative plans to get your student loans forgiven
SPRINGFIELD, Mo. (KY3) - While the Biden Administration’s student loan forgiveness plan is tied up in the Supreme Court, there are other programs that can pay some or all of your loans. Forgiveness plans are offered by both Federal and State governments.
Income-Driven Repayment Forgiveness is based on income and family size. You can have a more affordable payment set or other considerations made by applying on the website. If you’re seeking Public Service Loan Forgiveness, it’s recommended that you repay your federal student loans under an income-driven repayment plan.
There are changes coming soon to this program to make it available to even more people, especially those who have been paying on their loans for over 20 years.
Public Service Loan Forgiveness is an option for people that work for a government or not-for-profit organization. The PSLF Program forgives the remaining balance on your Direct Loans after you have made 120 qualifying monthly payments under a qualifying repayment plan while working full-time for a qualifying employer.
Teacher Loan Forgiveness is an option for full-time teachers in certain schools or agencies that serve low-income families. The amount forgiven depends on the loan type.
Military Servicemembers can receive special benefits including interest rate caps, deferment or cancellation of their loans. You can find more information on the application here.
Americorps participants can receive an award to pay toward their student loans. The Segal AmeriCorps Education Award is for members who successfully completed their AmeriCorps term of service and enrolled in the Trust.
Many states also offer student loan forgiveness plans.
According to thecollegeinvestor.com Missouri has several programs for people working in healthcare.
The website says Arkansas has programs for people in either education or veterinary medicine.
If none of those options apply to you, you can try reaching out to your loan servicer to see if they offer alternate payment plans, consolidation, deferment, or forbearance of your loans.
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