How to Get Your Student Loans Forgiven

Student loans can be forgiven. In fact, you may already be working at a job that entitles you to reduce or lower your loan debt. First, lets discuss bankruptcy. Through bankruptcy, some or all of your student loans can be forgiven, although it is not common practice. Even without the burden of those college loans, this should be a last resort for clearing debt. And even then, it can be difficult to qualify. Then, you may wonder how to get your student loans forgiven. The recommended avenue for federal student loans to be discharged is through public service. However, you must follow you must follow specific requirements.

Public Service Careers

The public service forgiveness program is set forth through the College Cost Reduction and Access Act of 2007. Congress created and passed this act for a way to encourage people to offer their services in lower paying public service jobs. Employment in Americorps or Peace Corps, both qualify.

The number one way to relieve federal student loans is to make a branch of the military your career. It must be a career commitment, not just a few years. However working at a public or tribal college, university or other public schools may be a better fit for some. Below are more examples of public service careers to get your student loans forgiven.

*Local, state, federal or tribal government agencies or organizations

*Public service agencies for families or children

*Nonprofit organizations under sections 501a and 501c3 of the IRS code.

*Private organizations that are not for profit businesses, such as emergency management, law enforcement, public safety, public service for disabled, public library, public education and some early childhood education facilities.

Eligibility Requirements

The requirements that must be adhered to are strict in order to get your student loans forgiven. These are the main eligibility requirements for getting your student loans forgiven.

*Must be working full-time in a public service job

*Loan forgiveness can only be requested on those student loans not in default.

*You must have made a minimum of 120 monthly loan payments

Payment Requirements

Because you must have made at least 120 monthly loan payments before you can qualify for getting your student loans forgiven, it's best to take on a part-time job while you are still in school. Start your repayment plan then, even if you can only afford to make interest only payments. These qualify under the requirements. Remember, though, private student loan debts do not qualify under this regulation.

More Information

Qualifying to get your student loans forgiven is given in complete detail in the updated regulations in 34 C.F.R. 685.219) that the U.S. Department of Education issued on October 23, 2008. It can be found online at ed.gov/legislation/FedRegister/finrule/2008-4/102308a.html.