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Posted January 21, 2020 by

How do I get student loan forgiveness?

Student loan forgiveness simply means that you’re not required to re-pay the forgiven portion of your student loans. Let’s say that you borrowed $100,000 to pay for college. If $60,000 of that is forgiven, then you’re only going to need to repay $40,000.

A few ways of getting your college student loans forgiven:

  • Enlist in the military. Each branch offers a variety of programs with varying amounts available depending on factors such as your skillset and desired occupational field. As you can imagine, the Navy is going to cover more of your educational costs if you’re a nuclear propulsion specialist than if you’re mechanic.
  • Work for 10 years for a U.S. federal, state, local, or tribal government or not-for-profit organization and the Public Service Loan Forgiveness (PSLF) Program forgives the remaining balance on your direct loans.
  • Work for a corporation that offers a tuition reimbursement program. Even some small companies like College Recruiter offer such programs because they’re essentially ways to provide employees with tax-free income. If we provide an employee with $1,500 toward college each year, that’s worth over $2,000 to those employees as it is tax-free. So, from the perspective of the employer, they can effectively give their employees $2,000 more in compensation but have it only cost $1,500. These programs are also great for recruitment and retention.
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Posted in Advice for Candidates, Advice for Job Seekers, Alternative career paths, Benefits, Career Advice, Career Management, Economic Indicators, Government Programs, Loan Consolidation, Paying for School, Salaries and Compensation, Saving for College, Scholarships, Student Loans | Tagged