How To Apply for Student Loan Forgiveness 2022

In this article, we will look at the student loan forgiveness program and how it can help you if you struggle to repay your loans. We will also consider the criteria you must meet to qualify for the program.

The student loan forgiveness program is a federal program designed to help borrowers who cannot repay their loans. The program allows borrowers to have their loans forgiven if they meet specific criteria.

The student loan forgiveness program is an excellent option for borrowers struggling to repay their loans. If you are considering this option, you should know that there are specific criteria that you must meet to be eligible for the program.

Key takeaways

  • You’ll learn how to apply for Student loan forgiveness
  • Understanding how Student loan work
  •  Answers to some frequently asked questions on student loan forgiveness
student loan forgiveness

What is Student Loan Forgiveness?

Student loan forgiveness is a program designed to release student loan borrowers from the deficit of reimbursing all or a portion of their federal student loan debt.

Student loans are mainly provided by the federal to eligible students. Stafford, Direct, and Federal Family Education Loans are student loans eligible for forgiveness.

Repayment plans are offered to student loan borrowers, including the forgiveness or discharge of some of their debt.

The Pros of Student Loan Forgiveness

There are some benefits in applying for student loan forgiveness. They include:

  • Debt Relief: Cancellation or forgiveness of student loans provides the students with no obligation to repay the loan.
  • Academic Equality: Student loan forgiveness gives students from low-to-moderate income backgrounds the opportunity to acquire theoretical knowledge, which helps build society.
  • It Enables Investment: Student loan forgiveness helps borrowers invest their money in other things to support their financial life.

The Cons of Student Loan Forgiveness

Below are some of the bad sides of student loan forgiveness.

  • The Requirements Are Strict: To get the benefits of a forgiveness program, you must be employed by a qualified employer at the time between submitting the loan forgiveness form and when the balance is forgiven.
  • Long-Term Job Commitment: To get a student loan forgiven, you must work for an extended period under federal jobs, which might cause a delay in pursuing your dream career.
  • Limited Job Prospects: Having many loans not forgiven gives an individual little ability to apply or get the specific job of their choice, limiting the probability of success in their future career.

How Student Loans Work

Loan forgiveness means a debt or portion of a debt is forgiven or eliminated in finance terminology, i.e., the borrowers do not have to repay the loan.

Forgiveness of loans is available for some types of loans, but the eligibility is limited to borrowers according to public service, military or educational profession.

Student loan forgiveness, as the name implies, is basically for students, especially if the borrower has not made any repayment for 20-25 years from their first loan.

Public Service Loan Forgiveness, a type of student loan forgiveness, is a program that provides indebted professionals a way out of their federal student loan debt responsibility by working full-time in public service.

However, to qualify for PSLF, you must make 120 qualifying payments for 10 years.

Student Loan Forgiveness Requirements

Not all student loan borrowers are eligible for such loan forgiveness. Meanwhile, to be qualified, you must meet the specific criteria mentioned below.

  • Hold student loans and make less than $125,000 a year or $25,000 per household.
  • Have a Pell Grant in college. Pell Grant is a program that forgives undergraduates’ college loans.

How to Apply for Student Loan Forgiveness

To get your student loans forgiven, you would need to apply for forgiveness of such loans.

Read on to learn more on how to do that.

  • Initially, contact the loan servicer the school has designed for student loan forgiveness.
  • Provide the required information (name, income, school name, etc.)
  • Submit the provided information.

After that, the loan servicer will examine the information to discern if you are eligible for loan forgiveness.

How Long It Takes to Process Student Loan Forgiveness

According to a spokesperson for the U.S Department of Education, it could take about 8 weeks to process student loan forgiveness based on the information provided by the borrower before the debt is discharged.

The Deadline for Student Loan Forgiveness

Recently, there has been no deadline to apply for student loan forgiveness. Still, it is recommended to submit applications before November 15 to enable the loan department to process many available applications before the student loan payment pause ends on December 31.

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Student loan forgiveness is the same as other loan forgiveness. It allows students to get their loans eliminated without having to repay them.

But, to qualify for such loan forgiveness, the borrower must hold a federal student loan and earn less than $125,000 a year.

Unfortunately, the borrowers not eligible for the forgiveness work for the public service for an extended period to get the debt forgiven.


Here are the most essentially asked questions on student loan forgiveness.

Can I Ask For My Student Loans To Be Forgiven?

Yes, you can as long as you meet the requirements to qualify for student loan forgiveness.

Do Student Loans Go Away After 7 Years?

Yes. Student loans are taken off your credit report after 7 and half years from your first missed payment date.

Are Student Loans Forgiven After 10 Years?

Student loans are forgiven after 10 years if the borrower meets the federal student loan program eligibility.

How Do I Get My Student Loan Forgiven After 25 years?

A student loan can be forgiven if the loan has not been reimbursed in full after 20 to 25 years from when you received your first loan.

Why Should Student Loans Not Be Forgiven?

Student loans increase the cost of college as future student loan borrowers will borrow such loans thinking they will not repay them.

Is There A Student Loan Forgiveness Stimulus?

Yes. According to President Biden’s agreement, most of the assistance for student loan borrowers was involved in the CARES ACT.

What Happens If Student Loans Are Forgiven?

When student loans are forgiven, the applicant is no longer accountable for repaying the loan, but the borrower will repay the balance if it is a portion of the loan that is forgiven.

Is It Too Late To Apply For Loan Forgiveness?

No. Borrowers can apply for loan forgiveness up to the loan’s due date.

Do I Qualify For Student Loan Forgiveness If I Consolidated?

Yes, you can. Student loan borrowers who applied for student loans under the Federal Family Education Loan (FFEL) program are qualified for student loan forgiveness if they consolidate into direct loans.

How Can I Get My Navient Loan Forgiven?

Navient loan is forgiven when the PSLF program forgives the remaining balance on your direct loan after making 120 qualifying monthly payments (10 years) under a qualifying repayment plan while working full-time for a qualifying employer.

How Do I Know If I Am Eligible For PSLF?

To be eligible for PSLF, you must make 120 qualifying monthly payments for 10 years toward your Federal Student Debt while working for a qualifying employer between the time of loan forgiveness form submission and when your remaining debt is forgiven.

Who Qualifies For PSLF Forgiveness?

Government Organizations of any level-Federal, State, or Local qualify for PSLF forgiveness.

You can learn more from the video below:

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student loan forgiveness
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