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Latest from FSA: Student Loan Forgiveness

July 18, 2014

Many of your borrowers may have questions about student loan forgiveness and are wondering what it is or if it is possible for them to qualify. The Department of Education recently came out with answers to these commonly asked questions about student loan forgiveness. Here are some highlights:

What is loan forgiveness?
The cancellation of all or some portion of your federal student loan balance.

Is it really possible to have your student loans forgiven?
Yes, but there are very specific eligibility requirements.

How do I get my loans forgiven?
Research your options at StudentAid.gov/repay or contact your loan servicer for any questions you may have about student loan forgiveness.

Are there other ways in which I can get help repaying my loans?
There are additional government programs that provide student loan repayment assistance for individuals who provide certain types of service. A couple of examples include:

    • Military Service
    • AmeriCorps

If borrowers think that they may qualify for student loan forgiveness they should discuss their options with their loan servicer in order to figure out the best plan for their situation.

View the full article here: http://www.ed.gov/blog/2014/05/student-loan-forgiveness-and-other-ways-the-government-can-help-you-repay-your-loans/.

 

Megan Freese, Communications Intern

Megan Freese, Communications Intern

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