Here’s How I Got My Student Loans Forgiven

Right now, the student loan debt in the United States is right around $1.75 trillion. That’s right—trillion. Students who were sold a college education on a dream and a federally-funded loan are now struggling to repay those loans and have been for some time. The nation’s response has been to create student loan forgiveness programs.

Yes, you can get your student loans forgiven, just like I did. However, there are some caveats to keep in mind:

·  You probably won’t get all of your debt forgiven

·  You have to apply for forgiveness programs, grants, and other funding

·  Forgiveness is different than a discharge of your student loans

So, how do you do it? It starts by exploring your options.

Do Your Research

There are dozens of different loan forgiveness and discharge programs and options out there today. Some are based on your career, while others are based on events or circumstances that make someone eligible for forgiveness. The Federal Student Aid website has a great resource with many of these programs listed so that you can check them out for yourself.

I took the time to check out their information, but I also did a general Google search for “student loan forgiveness programs” in the hopes that I might find other resources. There weren’t many programs not listed on the federal site, but I got a lot of useful information about the process and what to expect along the way. My biggest advice: do your homework.

Understand the Lingo

One of the hardest things for me was getting comfortable with all the terminology. Some people called it forgiveness. Others used “cancellation” or “discharge”. It was challenging to keep track of everything at first. However, it’s pretty simple to remember, and for what it’s worth, it doesn’t really matter beyond understanding the “how” and “why” of your loans being forgiven.

Whether it’s discharged or forgiven, you’re still not going to have to pay whatever amount the program approves. Don’t get caught up in the words—focus on the details of the process.

Weigh the Pros and Cons

This is a part of the research phase and will help you decide whether you should apply for loan forgiveness programs in the first place. These programs offer the hope of financial freedom and they help stimulate the economy. Plus, taxes aren’t paid on forgiven loan amounts, which reduces inequality and levels the financial playing field a bit.

Federal student loan programs are fairly simple to apply for. However, you may not always get approved by the first one you choose. Therefore, you should be prepared to fill out at least a handful of applications so that you have the best chances of success.

For the average borrower, there are no real disadvantages to student loan forgiveness. You now have less to pay back, or perhaps were able to get the remainder of your loans forgiven, and can move forward with your life.

When All Else Fails, Ask

The biggest thing I learned, and that I can share with you, is that you need to be willing to ask for help. Some lenders and schools won’t discuss programs they have, or they won’t “think to mention” that it’s an option. However, if you ask, you’ll find out that they have more to assist you than you anticipated. Ask your loan servicer about forgiveness programs. Talk to a financial expert about the other options. Call your school and see what they can do to help you.

And most importantly, read our guide on Student Loan Forgiveness to help you get started.