How to check if you are eligible for student loan forgiveness?

The income limits are based on your adjusted gross income (AGI) in either the 2020 or 2021 tax year. People who earned less than $125,000 annually (or $250,000 if filing taxes jointly) are eligible. If you qualify in either of those years, you can get forgiveness.

To be eligible for forgiveness, you must have federal student loans and earn less than $125,000 annually (or $250,000 per household). Borrowers who meet that criteria can get up to $10,000 in debt cancellation. If you also received a Pell Grant during your education, you can qualify for up to $20,000 in forgiveness.

How do I qualify for student loan forgiveness?

If you work full-time for a government or not-for-profit organization, you may qualify for forgiveness of the entire remaining balance of your Direct Loans after you’ve made 120 qualifying payments—that is, 10 years of payments. To benefit from PSLF, you should repay your federal student loans under an income-driven repayment plan.

Can I have my student loans forgiven or discharged?

It’s important to remember that outside of the circumstances that may qualify you to have your loans forgiven, canceled, or discharged, you remain responsible for repaying your loan—whether or not you complete your education, find a job related to your program of study, or are happy with the education you paid for with your loan.

Can I get a loan forgiveness if I teach full-time?

If you teach full-time for five complete and consecutive academic years in a low-income elementary school, secondary school, or educational service agency, you may be eligible for forgiveness of up to $17,500 on your Direct Loan or FFEL Program loans. Learn more about the Teacher Loan Forgiveness Program, eligibility requirements, and how to apply.