Borrowers Must Act by April 30, 2024 to Access Relief
IDR Plans Offer Loan Forgiveness in 20 Years for Undergraduate Borrowers
Teacher Loan Forgiveness Program Available for Full-Time Educators
There are several federal debt relief programs available, and borrowers must take action by April 30, 2024 to access some of them. Income-driven repayment (IDR) plans offer loan forgiveness after 20 years of qualifying payments for borrowers with only undergraduate school debt. Under IDR, payments are based on income and family size, which can make them more affordable for borrowers who are struggling financially. The Teacher Loan Forgiveness (TLF) Program provides loan forgiveness for teachers who work full-time for five complete and consecutive academic years in a low-income school or educational service agency. To qualify for TLF, borrowers must have at least $5,000 in federal student loans and must complete the required paperwork. In addition to IDR and TLF, there are several other federal debt relief programs available. These programs include: * Public Service Loan Forgiveness (PSLF) * Perkins Loan Cancellation * Total and Permanent Disability Discharge Borrowers who are interested in learning more about these programs should contact their loan servicer or visit the Federal Student Aid website.
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