How to apply for student loan forgiveness?

The Supreme Court rejected President Joe Biden’s student loan forgiveness plan – which would have forgiven up to $20,000 in loans for some students – in June. But, there are other ways to still apply for complete or partial forgiveness depending on your job and loan type. Note that only federal loans are eligible for forgiveness.

It’s best to check with your loan provider to understand your options

Here are a few loan forgiveness programs and how to apply for them:

• Public Service Loan Forgiveness (PSLF): This program encourages students to go into potentially low-paying public service jobs like teaching, being a firefighter, or working for the government in exchange for eventual debt forgiveness. Under Public Service Loan Forgiveness, the remaining balance on a person’s federal loan is cleared once they make 120 monthly payments (10 years) on an income-driven repayment (IDR) plan while working full-time for a qualifying employer.

These are the steps you need to take to apply for PSLF:

1. Use the PSLF Help Tool on the Federal Student Aid website to determine if you’re eligible for PSLF.
2. If you are eligible, complete the PSLF form.
3. You must submit the form every year and each time you change employers. The sooner you begin submitting payments under this plan, the quicker you can meet the 120 qualifying payment requirement. 
4. After making ten years of payments, you must submit a final PSLF form which your current employer will certify. 
5. Then you send the form to MOHELA, which handles the PSLF program.

• Teacher Loan Forgiveness: This program forgives up to $17,500 in federal student loan debt for teachers who teach full-time for five consecutive years at a low-income school or educational service agency.
• These are the steps you need to take to apply for Teacher Loan Forgiveness:

1. Log in with your FSA ID and password.
2. Select the “Teacher Loan Forgiveness” tab.
3. Click on the “Start Now” button.
4. Answer the questions about your employment and loans.
5. Your school or agency must fill out the certification section of the application. 
6. Review your form and submit it electronically.
7. You need to submit a separate form for each loan servicer.

• NURSE Corps program: This program provides scholarships and loan repayment to nursing students and registered nurses who commit to working full-time in underserved communities.

1. Create an account on the Health Resources & Services Administration’s (HRSA) customer service portal. 
2. Complete the online application form.
3. Submit transcripts from all colleges and universities you have attended.
4. Submit a signed service commitment agreement.
5. Submit proof of employment at an eligible healthcare facility with a critical shortage of nurses.
6. Submit proof of outstanding, qualifying nursing education loans.