If you are in a huge amount of student loan debt, you may be getting calls and letters from programs claiming to forgive your loans.
The problem with these letters you receive is that they may be rescinded at any time. That is just ridiculous. If it’s forgiven, it should stay forgiven.
Student loans can be forgiven if you become a teacher. From the StudentAid.gov page:
“The Teacher Loan Forgiveness Program is intended to encourage individuals to enter and continue in the teaching profession. Under this program, if you teach full-time for five complete and consecutive academic years in certain elementary and secondary schools and educational service agencies that serve low-income families, and meet other qualifications, you may be eligible for forgiveness of up to a combined total of $17,500 on your Direct Subsidized and Unsubsidized Loans and your Subsidized and Unsubsidized Federal Stafford Loans. If you have PLUS loans only, you are not eligible for this type of forgiveness.”
You may also have your loans forgiven if you work for a “qualifying employer” such as a non-profit or a government agency. From StudentAid.gov:
“The Public Service Loan Forgiveness(PSLF) Program forgives the remaining balance on your Direct Loans after you have made 120 qualifying monthly payments under a qualifying repayment plan while working full-time for a qualifying employer.”
Forgiveness is awesome, but the fact that these can be rescinded at all is awful.
Featured image via Twitter.