Student debt has reached an all-time high in the U.S. of late at an estimated 1.6 Trillion dollars, with an estimated 40 million people now owing an average balance of $29,000, according to the credit reporting company Experian.
Under certain circumstances, however, some of that debt may be discharged or forgiven. If you have Federal Student Loans you may qualify for any of the student loan forgiveness programs that are available to borrowers. You may be eligible for principal reduction, loan forgiveness, or a complete loan discharge depending on your individual circumstance.
Student loan forgiveness releases you from the obligation to repay part or all of your federal loan debt. The prospect of seeing that debt evaporate may seem like a dream come true. In reality, though, not that many people end up being eligible.
Requirements vary depending on the type of loan, but most offer forgiveness only for those employed in certain public service occupations. There are also repayment plans that include forgiveness of some debt.
You have nothing to lose, except for your student loans.