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According to Trumps executive order, only half or 25,000 of the approximately 50,000 totally and permanently disabled veterans who currently qualify for the discharge of their Federal student loan debt have received the benefits provided to them by the Higher Education Act of 1965, as amended.
But why did only 50% of eligible disabled veterans apply for VA student loan forgiveness?
Well, to be frank, the old process was confusing and frustrating, and prevented many disabled veterans from receiving the student loan debt relief for which they were entitled to by law.
The good news is that the new and improved disabled veteran student loan forgiveness program is super easy, intuitive to submit and get approved, and eligible disabled veterans can even apply online at the link below:
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Who May Need To Consolidate Their Loans
If you have Federal Family Education Loan Program loans, Federal Perkins Loans or other types of federal student loans that arent direct loans, you must consolidate them into the direct loan program by Oct. 31, 2022, according to Federal Student Aid.
This is important for borrowers because you can’t receive credit for payments if you consolidate after that date. Once the consolidation process is complete, you must then submit a PSLF form to your loan servicer.
The help tool on the Federal Student Aid website will be updated in the coming months to process applications for borrowers in the Federal Family Education Loan Program and those with Perkins loans.
Right now, employment can still be verified for them in Step 1 of the help tool, and loan consolidation can still be requested, Federal Student Aid said on its website. But an application for the Public Service Loan Forgiveness program through the tool may not be available in the near term for those borrowers.
You Have Options If You Were Denied Pslf
If your application for PSLF was denied, you may be able to receive loan forgiveness under the Temporary Expanded Public Service Loan Forgiveness opportunity.
As part of this opportunity, the Department of Education reconsiders your eligibility using an expanded list of qualifying repayment plans.
This TEPSLF opportunity is temporary, has limited funding, and will be provided on a first come, first served basis. Once all funds are used, the TEPSLF opportunity will end.
Visit StudentAid.gov for detailed information on how to be reconsidered for loan forgiveness.
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Medical And Parental Leave Forms
To apply for leave or to extend your leave, complete the Medical and Parental Leave Application form .
If applying for medical leave, or changing from parental to medical leave, complete section A of the Medical Professional Attestation for Medical Leave form . You need a medical professional to complete and sign section B of the form.
Paper versions are available through the National Student Loans Service Centre .
Other Student Loan Forgiveness Programs
There are a few additional niche student loan forgiveness or payment assistance programs you may qualify for through federal or state programs. Eligibility in these programs depends on your profession and where you work.
State-sponsored repayment assistance programs. Licensed teachers, nurses, doctors and lawyers in certain states may be able to take advantage of programs to assist with repaying debt. For example, the Mississippi Teacher Loan Repayment Program will pay up to $3,000 per year for a maximum of four years on undergraduate educational loans to teachers with a specific teaching license for each year of teaching full time in a particular geographical or subject area. Contact your states higher education department to find out if you qualify for a program.
Military student loan forgiveness and assistance. Military personnel in the Army, Navy, Air Force, National Guard and Coast Guard may qualify for their own loan forgiveness programs. In the National Guard, for example, qualifying soldiers and officers could receive up to $50,000 to pay off federal student loans through the Student Loan Repayment Program.
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Federal Student Loan Holders Seeking Loan Forgiveness
- The Federal Perkins Loan Program offers loan forgiveness if you work in certain professions such as firefighting, law enforcement, nursing, teaching, and social work. Learn more about this program at studentaid.ed.gov
- The Public Service Loan Forgiveness Program forgives the remaining balance on your Direct Loans after you have made 120 qualifying monthly payments under a qualifying repayment plan while working full time for a qualifying employer. You may be able to consolidate FFEL loans into a Direct Loan to qualify for PSLF.
- Make sure you understand which jobs qualify for PSLF and which loans are eligible. Visit StudentLoans.gov to learn how to apply.
- If you decide to participate in the program, your employer will need to certify your employment in order for you to qualify for loan forgiveness, which starts after 120 qualifying payments.
Student Loan Forgiveness For Doctors And Nurses In Canada
Eligible family doctors, residents in family medicine, nurse practitioners, and nurses can get Canada Student Loan forgiveness through the federal government. However, only the federal portion of the loan can be forgiven .
Eligibility For Student Loan Forgiveness For Doctors and Nurses in Canada
To qualify for this type of Canada Student Loan forgiveness, you must:
- Have a Canada Student Loan thats in good financial standing
- Be working as an eligible medical professional in an under-served or remote region with a lack of proper healthcare .
- Have been employed for at least one consecutive year in an underserved or remote community and provided at least 400 hours of in-person service.
- Submit an this application
Eligible Medical Professionals
To qualify for Canada Student Loan forgiveness, you must be one of the following medical professionals :
- Nurse Practitioner
- Family Medical Resident
You may get Canada Student Loan forgiveness for nurses and family doctors and if you are:
- Enrolled in full-time studies
- Repaying a student loan
- In your non-repayment period
If your loan is in its repayment period, your monthly payments are still mandatory. That said, youre allowed to work as an eligible medical professional in more than one remote or under-served community and with multiple employers if you perform at least 400 in-person hours over a maximum period of 12-months.
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Student Loan Forgiveness For Teachers
Another options for teachers, in addition to public service loan forgiveness, is teacher loan forgiveness. To get teacher loan forgiveness, you must teach full-time for five academic years in a low-income school. Both Direct Loans and FFEL Loans are eligible, and you could qualify for up to $17,500 of student loan forgiveness. . If you plan to teach for at least years, you can get total student loan forgiveness through public service loan forgiveness.
Whose Debt Has Been Forgiven
Since Biden took office in January, the administration has extended targeted relief to specific student loan borrowers rather than broad forgiveness for all. The total amount of loan discharges approved since January reached $9.5 billion as of August, affecting more than 563,000 borrowers, the Department of Education says.
Forgiveness so far has come through changes to rules, including:
$1.5 billion in relief with borrower defense debt cancellation, including through full relief for approved claims and expanded eligibility.
Loan discharges totaling $7.1 billion for 364,000 individuals who qualify as disabled. Data-matching against Social Security and Veterans Affairs data will automatically qualify future recipients.
Interest waived retroactively for 47,000 current and former active-duty service members who faced imminent danger or hostile fire pay for the period while they served. Data-matching will automatically qualify future service members for this benefit.
And while no loans were discharged for borrowers who are working toward forgiveness through existing payment programs, the 22 payments they miss during forbearance count toward the total needed to qualify. Public Service Loan Forgiveness, or PSLF, for example, requires 120 on-time payments while borrowers work in a qualifying job before the remaining balance is discharged.
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Who Is Eligible For Tepslf
Bidens change to PSLF will apply to student loan borrowers with federal Direct Loans, borrowers who have already consolidated into the Direct Loan Program, and borrowers who consolidate into the Direct Loan Program by Oct. 31, 2022.
TEPSLF will also benefit military service members. It will allow payments made during months spent on active duty to count toward PSLF. This even applies to members whose loans were in deferment or forbearance rather than in active repayment.
Student Loan Forgiveness For Veterans
October 19, 2020 by Emma Woods
If you are an active duty service member, Reserve, National Guard, or honorably discharged Veteran, you qualify for student loan forgiveness.
All branches of the United States Armed Forces Army, Navy, Air Force, Marines, and Coast Guard can apply for loan forgiveness and repayment programs.
In some cases, you may even qualify for discharge of your loans.
There are a variety of programs available to service members and Veterans, and their criteria and award amounts vary considerably.
Below we go through some of the options that may be available to you and how to apply for them.
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How Student Loan Forgiveness Works
Student debt has reached an all-time high in the U.S. According to a report by EducationData.org, student loan debt has reached $1.73 trillion, with over $1.56 trillion making up the Federal Loan Portfolio. It’s reported that as many as 43 million Americans owe an average of nearly $40,000. In some cases, borrowers may be able to get their loans forgiven or canceled. Student loan forgiveness releases a borrower from their obligation to repay part or all of their federal student loan debt.
The prospect of seeing that debt evaporate may seem like a dream come true. In reality, though, not that many people end up being eligible. Requirements vary depending on the type of loan, but most offer forgiveness only for those employed in certain public service occupations. These include teachers, government service, military service, and AmeriCorps.
As noted above, there are a number of different loan programs that qualify for student loan forgiveness, including the:
- Direct Loan program
- Perkins Loan program
There are also repayment plans offered to student loan borrowers that include the forgiveness of some of their debt. There can be situations in which a loan is forgiven because the educational institution defrauded the student in some way. We discuss this more in detail below.
Specialized Loan Forgiveness Programs
If you work or volunteer for certain organizations, you may be eligible for additional programs that will forgive or reduce your student debt. Here are some examples:
- AmeriCorps VISTA, AmeriCorps NCCC, or AmeriCorps State and National programs: Volunteers for these programs can receive up to the maximum Pell Grant award toward repaying qualified student loans through the Segal AmeriCorps Education Award. For the 2021 to 2022 school year, this amounts to $6,495.
- Army National Guard: The Army National Guard’s Student Loan Repayment Program can help you earn up to $50,000 toward loans. Covered loans include Federal Direct, Perkins, and Stafford Loans.
- Full-time teachers in low-income schools or educational service agencies: Through the Teacher Loan Forgiveness Program, teachers may be eligible for forgiveness of up to either $5,000 or $17,500 on their Federal Direct and Stafford Loans after five consecutive years of service. The higher amount is for certain math, science, and special ed teachers. The Education Department has further details on its website.
- Medical and nursing school graduates: Working in underserved areas can qualify doctors and nurses for student loan forgiveness under some state programs.
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How To Find Out Who Your Loan Servicer Is
Ive been repaying my student loans for a 2-yr computer degree from ITT Tech since 2005. So far, Ive paid $67,000 towards the $45,000 loan. I still owe $23,000. 5 years to go.$90,000 total over 20 years for a two-year degree.I have never missed a payment.Relief sounds good.
To apply for ITT Tech loan forgiveness, you need to contact your loan servicer. You can find out who’s servicing your loan by logging into your Federal Student Aid account or calling 1-800-4-FED-AID.
Change Your Payment Due Date
Use this form to change the day of the month your payment is due. Payments are due on the same day each month however, if you have more than one loan, the payment date can be different for each loan.
To change your payment frequency, contact the National Student Loans Service Centre.
Important: If you change your payment frequency, make sure the total amount you pay each month equals or exceeds your regular monthly payment amount otherwise, your loan will go into arrears.
Visit the NSLSC website to download the Change Your Payment Due Date form.
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Student Loan Cancellation Programs
Perkins loan cancellation. Borrowers with federal Perkins loans can have up to 100% of their loans canceled if they work in a public service job for five years. In many cases, approved borrowers will see a percentage of their loans discharged incrementally for each year worked. The Perkins loan teacher benefit is for teachers who work full time in a low-income public school or who teach qualifying subjects, such as special education, math, science or a foreign language.
Canada Student Loan Forgiveness For Family Doctors And Nurses Application
Borrowers who are family doctors, residents in family medicine, nurses or nurse practitioners can apply for Canada Student Loan forgiveness provided they have Canada Student Loans to repay, work in a designated rural or remote community in Canada and meet other eligibility requirements.
Download the PDF version of the Canada Student Loan Forgiveness for Family Doctors and Nurses Application
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Forgiveness Programs For Doctors
If youre a doctor, you may be able to receive some student loan relief by qualifying for a loan forgiveness program. Most loan forgiveness programs for medical professionals require you to work in a high-need area for a few years, but the forgiveness amounts you can qualify for tend to be high.
For example, the National Health Service Corps Loan Repayment Program offers up to $50,000 of forgiveness in exchange for two years of work in an approved position.
Other loan forgiveness programs for doctors include the Indian Health Service Loan Repayment Program and the U.S. Department of Health and Human Services Health Resources and Services Administration Primary Care Loans program.
Several branches of the military, including the U.S. Army, the U.S. Navy and the U.S. Air Force, have loan forgiveness programs for health professionals who serve in the military. Doctors are also eligible for PSLF if they work for a qualifying employer.
What Repayment Plans Are Eligible
As long as the borrower was working for a qualifying employer, federal student loan payments made on any repayment plan will qualify for PSLF. This change is also retroactive to October 1, 2007.
Previously, payments had to be made under the standard 10-year plan or an income-driven repayment plan. Payments made on the extended or graduated repayment plans did not qualify. TEPSLF allows payments made on any repayment plan to count.
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Who Is Navient And What Do They Do
With millions of customers over the years, Navient is one of the oldest student loan servicers in the United States. Navient was originally launched in 1973 as a Government Sponsored Enterprise , and was known as the Student Loan Marketing Association.
The company was later named Sallie Mae, and in 2004, Sallie Mae separated from the GSE charter and became a private company. By 2009, the U.S. Department of Education had chosen Sallie Mae as its primary loan servicer for federal student loans.
However, in 2014, Sallie Mae again separated into two companies, Sallie Mae and Navient. Sallie Mae became more focused on private lending and consumer banking, while Navient only focused on high education loans.
Currently, Navient manages over 12 million student loan borrowers and $300 billion in student loans. It employs over 6,000 people across the US and is headquartered in Wilmington, Delaware.
As a student loan servicer, Navient also provides several services for consolidation, repayment terms, and student loan forgiveness.
Student Loan Discharge For Special Circumstances
While student loan discharge isnt the same as forgiveness, it could leave you debt-free. In rare circumstances, borrowers can get their student loans completely canceled.
There are several situations when you could qualify for student loan discharge, including:
- Closed school
If you think you could qualify or want to learn more, speak with your loan servicer.
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Private Student Loan Holders
- Private student loans are issued by private lenders such as banks, an online lender, or credit unions. Private student loans will not be in your NSLDS report but might be available on your credit report, which you can get for free at annualcreditreport.com.
- Your schools financial aid office may also have information about your private student loans.Note: Unlike federal student loans, private student loans lack many of the protections that are offered to federal student loan borrowers such as incomedriven repayment plans or loan forgiveness.