One benefit of federal loan to other loan sources is the ability to qualify for loan forgiveness—under special circumstances, the federal government may forgive part, or all, of your federal student loans. This means you’re no longer obligated to make your loan payments. Another benefit is there may be some situations where you may qualify to have your loans discharged.
These are some of the most common types of loan forgiveness:
- Public Service Loan Forgiveness (and Temporary Expanded Public Service Loan Forgiveness)
- Income-Driven Repayment (IDR) Forgiveness
- Teacher Loan Forgiveness
- Closed School Discharge
- Total and Permanent Disability Discharge
But, for your loan forgiveness to be approved, you need to meet certain requirements and provide specific information to qualify.
Check out full requirements and how to apply