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How do I get portions/all of my student loans forgiven?

Are there companies that offer to forgive student loans for hired professional? #studentloans #student #loanforgiveness #loans #debt #student-loans #finance #financial-advising

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Ann’s Answer

Hi Laura,

Though there may be companies that provide loan repayment as a benefit, this would be rare, and I am not sure where to begin on finding a company that provides that.

However, if you borrowed Federal Student Loans, then there are some options for you. The first would be to apply for the Income Based Repayment program through your lender. If you qualify for this program (your income has to be reviewed every year), then after 25 years of making on time payments, your balance will be forgiven. The other avenue to get loan forgiveness is to work for a qualified nonprofit organization for at least 10 years. If you do so, and you make your payment on time each month for those 10 years, then you can also apply for loan forgiveness. In the next steps, I am going to give you a link that will help you read more about the assistance provided by the government to make loan repayment flexible.

Ann recommends the following next steps:


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Ram’s Answer

Hi Laura! I believe the best way for you to get rid of your student loans is the combination of education and planning. First of all, take advantage of your education and try to get a great job with upward mobility right out of college. Then, you need to make a plan of your expected income over the next few years and how much you can devote to paying off your loans. Your goal should be to pay off as much as you can as early as possible in order to minimize your interest payments. In addition, if the markets return to normal in the near future, it may also be helpful to start making some investments in order to grow your wealth.

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Rey’s Answer

There are certain situations depending on your specific circumstances that you can be eligible for loan forgiveness, cancellation or discharge. Here is a link were you can find details of options you may have.