FORGIVENESS PROGRAMS
Closed School Discharge
If the school you attended closed its doors while enrolled or 120 days after you withdrew, you may qualify for complete or partial forgiveness of your Federal loans.
Public Service Loan Forgiveness
The Public Service Loan Forgiveness Program (PSLF) is designed for borrowers who work full time in the public service sector. Under this program, borrowers will receive immediate forgiveness after 120 qualifying payments.
Teacher Loan Forgiveness
Under the Teacher Loan Forgiveness Program (TLF) you may qualify for forgiveness up to $17,500 if you teach full time for 5 complete and consecutive academic years at a title one school.
Total and Permanent Disability Discharge
Under the Total and Permanent Disability Discharge Program (TPDD), you may qualify for complete forgiveness of your student debt if you are totally and permanently disabled.
REPAYMENT PLANS
Revised Pay As You Earn
Payments are capped at 10% of your discretionary income. All student loan borrowers qualify. "Any remaining balance at the end of your term will be forgiven".
Pay As You Earn
Payments are capped at 10 percent of your discretionary income with a maximum term of 240 months. "Any remaining balance at the end of your term will be forgiven".
Income Based Repayment
Payments are capped at 15 percent of your discretionary income with a maximum term of 300 months. "Any remaining balance at the end of your term will be forgiven".
Income Contingent Repayment
Payments are capped at 20 percent of your discretionary income with a maximum term of 300 months. "Any remaining balance at the end of your term will be forgiven".
The Standard Plan
You'll pay a fixed monthly payment until your loans are paid in full within 10 years.
The Graduated Plan
Payments start low and increase every 2 years. Intended for borrowers who expect their income to steadily grow over time.