Q:

How can you apply for the Obama Student Loan Forgiveness program?

A:

Quick Answer

Teachers can complete the Teacher Loan Forgiveness application. For those people working in public service jobs, applying for loan forgiveness involves completing a Public Service Loan Forgiveness application.

Continue Reading

Full Answer

To apply for the teacher loan forgiveness program, teachers must have worked for a qualifying school for five consecutive years. Those who qualify can receive up to $17,500 of loan forgiveness on several types of student loans. People who are in default on loans are not eligible for loan forgiveness until they have made repayment arrangements with the loan provider.

Those people who are working in public service jobs must make 120 on-time qualifying monthly payments while working full-time in a public service job. Public service jobs include employment with a federal, state or local government agency, as well as some not-for-profit organizations. These payments must have been made after October 1, 2007. Applicants must be still working for the public service, full-time, at the time they apply for loan forgiveness. Those who qualify have the remaining balance of their student loans debt forgiven.

Assistance with applying for the Obama Student Loan Forgiveness Program is obtained by contacting the relevant loan-servicing agency. It guides applicants in completing their forgiveness applications and in determining eligibility for the program. They can also direct customers to other student loan repayment options that can help them stay current with payments if they do not qualify for the complete loan forgiveness program.

Learn more about Credit & Lending

Related Questions

Explore