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Non-federal loans (those handled by private lenders and loan companies) aren’t part of this program. Ford Direct Loan, and instead borrowed through the Federal Family Education Loan Program (FFEL) or Perkins Loan Program, you are allowed to consolidate these debts into a Direct Consolidation Loan; this new piece of consolidated debt would then be eligible for public service loan forgiveness, under the same terms as those described above.Keep in mind that only payments made on the combined loan count toward the 120-payment minimum; earlier payments made on the old loans don't get considered.As with anything related to the federal government, the terms related to student loan forgiveness are subject to change.Regardless of any alterations that may be on the horizon, Mark Kantrowitz, senior vice president and publisher of and author of "Filing the FAFSA," warns borrowers against betting their financial future on the hope of debt forgiveness, especially the kind that's tied to public service.
Another option for student forgiveness is the Army National Guard's Student Loan Repayment Program, which can help you earn up to ,000 toward loans.According to The Wall Street Journal, more than 7,500 borrowers (with collective debt of 4 million) have applied for debt relief under a 1994 regulation including violation of applicable state law via an act or omission of the school as a defense against repayment. The Department has already agreed to cancel nearly million of Corinthian students' debt, the Journal reported.Student loan forgiveness can be earned in two ways: by working in public service or by making payments through income-contingent payment plans for a (long) period of time.Only direct loans made by the federal government (the William D.Ford Federal Direct Loan Program) are eligible for student loan forgiveness.
As a full-time elementary or secondary school teacher in a low-income community, you can have 15% of your Perkins Loan forgiven for years one and two of employment, 20% in years three and four, and the remaining 30% in year five.