7 Facts You Should Know About Student Loan Forgiveness Programs
It may be easier to get rid of your student loans than you ever thought possible!
Military service members and veterans have options for student loan forgiveness that can erase all or part of the remaining balances on your loans.
While military service members qualify for basic Public Service Loan Forgiveness just like other public servants like nurses and firefighters, there are also some special programs that apply only to service members that could also provide the debt relief you need. In addition, there are options available even if you’re a veteran. What’s more, even if your remaining can’t be forgiven, there are other options available for debt relief that may help you out of the bind you’re facing with student debt.
The information below is designed to help you understand the different options available for military student loan forgiveness and other service member and veteran relief options. If you still have questions or you’d like to talk for free with a student debt relief specialist about your specific situation, call us at 1-888-472-0365 or complete the form to the right to request help online.
Public Service Loan Forgiveness means that your remaining balances are forgiven after you make 120 payments on a qualifying consolidation program. Essentially, you consolidate your Direct federal student loans using a program like Income-Based Repayment and then after you make payments for 10 years, all of the debt that remains gets erased from the books without any penalties or credit damage.
One important thing to note is that Public Service Loan Forgiveness only applies if you are currently employed for the public good and continue to be employed in public service for that entire 10-year span. If you leave the service, you’re no longer eligible.
There are two additional special options for loan forgiveness that only apply to the military:
Fact: The DoD along with the Departments of Justice and State accounts for more than 68% of loan repayments made on the program 
Loan forgiveness is not the only way you can find the relief you need from your student debt payments if you’re an active-duty service member. There is a range of other options that can alleviate some of the burden of your debt, at least while you serve.
Article last modified on May 10, 2019. Published by Debt.com, LLC