Want to Learn About Loan Forgiveness?

Ok, so now you want to know if you are eligible for student loan debt forgiveness?

First off, your loan cannot be forgiven or discharged because you were unhappy with the cost or quality of education. As my uncle, Paulie says, "This ain't Costco."

While its is totally possible, readers should be aware that some of these plans are contracts with the federal government and serious consequences will result if the contract is breached

Death and Disability

It is possible to have your loan debt discharged under certain circumstances, including, death and/or disability. For more information about  loan discharge, contact the Direct Loan Servicing Center by calling 1-800-848-0979

Nursing

NELRP (Nursing Education Loan Repayment) is a competitive program that repays 60% of your qualifying loan balance for registered nurses selected for funding in exchange for 2 years of service in a critical shortage facility. The plan is authorized under Section 846 of the Public Health Service Act.

In summary, applicants must have the following requirements.

• Earned a baccalaureate or associate degree in nursing,  diploma in nursing or grad. nursing degree from accredited school.
• Have outstanding qualifying loans obtained for nursing education leading to a degree or diploma in nursing as specified above
• Have completed the nursing education program for which the loan balance applies
• U.S. citizen, U.S. national or lawful permanent resident of the U.S.
• Are employed full time (32 hours or more per week) at a critical shortage facility
• Have a current permanent unrestricted license as an RN in the State in which you intend to practice or be authorized to practice in that State pursuant to the Nurse Licensure Compact 
• Have submitted a complete NELRP Application, and signed NELRP Contract.

Child Care Professionals
(Last updated/reviewed October 30, 2006* The editors of this website make no guarantee of the accuracy of the following information as government sites often lag behind recent changes in law and funding)

    Purpose of the program This demonstration program is intended to bring more highly trained individuals into the early child care profession and to retain those providers for longer periods of time.

Borrower eligibility requirements
• Be a new borrower.
• Have received an associate or bachelor's degree in early childhood education.
• Have worked full-time for two consecutive years as a provider in an eligible child care facility that serves a low-income community.

Eligible loans

The program forgives:

• 20 percent following the first two consecutive years of service;
• 20 percent following three consecutive years of service; and
• 30 percent following each of the fourth and fifth consecutive years of
• service.

Definition of new borrower 

Definition of early childhood

Low-income community

Write:
Child Care Provider Loan Forgiveness Program,
P.O. Box 4639, Utica, NY 13504-4639.
1-888-562-7002.

Perkins Loan
Federal Perkins Loans can be canceled if the borrower dies or becomes totally and permanently disabled.

If you serve as an enlisted person in certain specialties of the Armed Forces, the U.S. Department of Defense might, as an enlistment incentive, repay a portion of your student loan.

If you have any questions about the terms of your Federal Perkins Loan, repayment obligations, deferment, forbearance, or cancellation, check with the school that made you the loan. Only that school may grant deferment, forbearance, or cancellation, or make other decisions concerning your loan.