Repayment & Loan Forgiveness
Repayment Options
*Note that some of these plans are only available for student loans, not parent loans.
Payment Postponement
If you are enrolled in school at least half-time, are in active military service, have a documentable economic hardship, or are unemployed, you may have the right to apply for a deferment or forbearance to temporarily postpone your student loan payments.
Loan Forgiveness/Discharge/Cancellation
Public Service Loan Forgiveness
Provides forgiveness of a borrower’s Federal loans after 10 years of on-time repayment, IF they are in either the Income-Based or Income-Contingent repayment plans AND the student has been employed full-time for those 10 years by a Public Service entity (most Federal, state, county, and local agencies qualify, as well as other public and private non-profit companies).
Public Service Loan Forgiveness
Teacher Loan Forgiveness
Students who become classroom teachers have possibilities for student loan forgiveness as well as cancellation of Federal Perkins Loans if they work at schools which serve low-income families for five years.