What is Loan Forgiveness?
The loan forgiveness program discharges any remaining debt after 10 years of full-time employment in public service. The borrower must have made 120 payments as part of the Direct Loan program in order to obtain this benefit. Only payments made on or after October 1, 2007, count toward the required 120 monthly payments. Borrowers may consolidate into Direct Lending in order to qualify for this loan forgiveness program.
Who is eligible for loan forgiveness?
Volunteers, teachers and those who enter into military service may be eligible for loan forgiveness. To learn more about loan forgiveness, visit the following Web site: