Student Loan Forgiveness 10k

If you’re actively working toward paying off your student loans, there’s a new program that could help you out. The Student Loan Forgiveness 10k (SLF-10k) offers $10,000 in student loan forgiveness for qualifying jobs! Here’s everything you need to know about the program:

Student Loan Forgiveness 10k

Forgives up to $10,000 of federal student loans after 120 payments (10 years).

Forgives up to $10,000 of federal student loans after 120 payments (10 years).

Only applies to Direct Loans.

Only applies to new borrowers on or after October 1, 2007.

Only applies to Direct Loans disbursed on or after October 1, 2011.

Only Direct Loans are eligible.

Only Direct Loans are eligible for loan forgiveness. This means that only federal loans—not private, state or international ones—can be forgiven. In addition to the above qualifications, you must also be a U.S. citizen or permanent resident at the time of your education and have been enrolled in an eligible program for at least three years (this is usually four).

If you’re not sure whether your student loan qualifies for forgiveness after 10 years (and if so how much it’s worth), call us today at 800-982-7218!

Must be a new borrower on or after October 1, 2007 with a Direct Loan disbursement on or after October 1, 2011.

• Must be a new borrower on or after October 1, 2007 with a Direct Loan disbursement on or after October 1, 2011.
• The loan must have been closed by the Department of Education (ED) within 120 days of your departure from school. This includes any amount that has been capitalized and disbursed to you as part of your Title IV financial aid award and/or loan forgiveness program application process.

All income-driven repayment plans are eligible.

All income-driven repayment plans are eligible.

• Public Service Loan Forgiveness (PSLF): If you make 120 qualifying payments while enrolled in this plan, your remaining balance will be forgiven. You can also choose to pay more than the monthly payment amount and make additional qualifying payments. The maximum number of years for PSLF is 25 years from when it was taken out as a student loan, with no more than 10 years left before forgiveness would occur.* Income-Based Repayment (IBR): If you need help paying off student loans, IBR might be right for you. It’s an income-driven repayment plan that caps monthly payments at 15% of discretionary income until 2023 and then reduces them each year until they reach 10% of your discretionary income after 2023.* Income Contingent Repayment (ICR): This plan allows borrowers who have low incomes or high credit scores to stretch out their debt payments over 25 years by spreading out their payments over 12 months instead of 10.

You must be employed full-time at a qualifying federal, state, local, tribal government or nonprofit organization.

To be eligible for student loan forgiveness you must be employed full-time at a qualifying federal, state, local, tribal government or nonprofit organization. Full-time employment is defined as 30 hours or more per week. You must also have been continuously employed by the same employer for at least three consecutive months before submitting your application to qualify for Public Service Loan Forgiveness (PSLF). If you are a new hire, you can submit an application after 120 days of continuous employment with your employer.

Must have remaining balance after 10 years of qualifying payments for forgiveness.

You must have a qualifying loan and made 120 qualifying monthly payments, which means you’ve made your student loan payments on time for the full 10 years.

You also need to be employed full-time at a federal, state or local government agency or nonprofit organization that provides health insurance for you and your family under COBRA.

The Student Loan Forgiveness 10k offers $10,000 in student loan forgiveness for qualifying jobs!

The Student Loan Forgiveness 10k offers $10,000 in student loan forgiveness for qualifying jobs!

All you have to do is work full-time at a qualifying federal, state, local or tribal government or nonprofit organization for 10 years. That’s it! If you meet the qualifications and your loans are in good standing at the time of application (no deferments or forbearances), then you’ll get $10k instantly forgiven—no strings attached.

Closing

One way or another, the Student Loan Forgiveness 10k is here to help you. If you have a job in public service and are looking for some relief from your student loans, this program may be exactly what you need. If not, there are still plenty of other options available!