Consolidating student loans through wells fargo
Payments made in the Direct Loan program in an IBR, ICR, PAYE, or REPAYE repayment count as qualifying payments for those who work in the public sector and would like to apply for public service loan forgiveness.Public Service Loan Forgiveness Eligibility Assessment The Teacher Loan Forgiveness program is a form of student loan forgiveness that is separate from the Direct Loan or Obama Student Loan Forgiveness program.The Teacher Loan Forgiveness(TLF) program is one of the most beneficial student loan forgiveness options.For one, qualifying teachers receive a tax-exempt principal reduction of either ,000 or ,500 on their federal loans.This program awards educators with a principal reduction of their federal loans.
Keep reading to see which programs you think you might qualify for and how much forgiveness you could receive.
This means teachers get a principal reduction after five years and then complete forgiveness after an additional 10 years.
Compared to the standard forgiveness term of 20 to 25 years, this is a great option.
This drops their overall loan balance, making monthly loan payments smaller and thus more manageable.
For some teachers, this eliminates their federal student loan balance altogether.
There are many student loan forgiveness programs, each with their own benefits and eligibility requirements.