Calculate loan payments, compare repayment plans, and explore forgiveness options for your education debt
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Complete loan forgiveness after 120 qualifying monthly payments while working full-time for a qualifying employer (government, non-profit 501(c)(3) organizations).
Up to $17,500 in loan forgiveness for teachers who work full-time for five complete consecutive academic years in certain elementary/secondary schools or educational service agencies.
Various loan repayment programs for doctors, nurses, dentists, and other health professionals who work in underserved areas or critical shortage facilities.
Student loan repayment benefits for active duty military personnel, including loan forgiveness and repayment assistance programs through various branches of service.
Loan repayment assistance for attorneys working in legal aid organizations, public defender offices, or other qualifying public interest law positions.
Remaining loan balance forgiven after 20-25 years of qualifying payments under income-driven repayment plans (IBR, ICR, PAYE, REPAYE).
Know the difference between federal and private loans, interest rates, terms, and servicers. Keep detailed records of all loan information and correspondence.
Set up automatic payments to avoid late fees and potential default. Many servicers offer interest rate reductions for automatic payment enrollment.
Even small extra payments toward principal can save thousands in interest. Specify that extra payments should go toward principal, not future payments.
Research loan forgiveness programs for your career field. Many professions offer repayment assistance or forgiveness for public service work.
Private refinancing might lower your rate, but you'll lose federal protections. Carefully weigh the pros and cons before refinancing federal loans.
If struggling to pay, contact your servicer immediately. Options include deferment, forbearance, income-driven repayment plans, or loan consolidation.
You may be able to deduct up to $2,500 in student loan interest on your tax return. Keep records of interest paid throughout the year.
Default has serious consequences including damaged credit, wage garnishment, and tax refund seizure. Communicate with your servicer before missing payments.