Here are some of the best student loan forgiveness options
By Josh Patoka article
With record amounts of student loan debt, more borrowers qualify for student loan forgiveness. Here the most popular loan forgiveness options. (iStock)
Student loan forgiveness is a popular personal finance topic these days as the Biden Administration proposes to forgive up to $10,000 in federal student loans.
There are currently several student loan forgiveness programs that cancel any remaining loan balance after 10 to 25 years of qualifying payments for most federal loans. The borrower no longer has to repay their student loans after qualifying for loan forgiveness.
Private student loans do not qualify for federal student loan forgiveness but can be discharged due to a total or permanent disability or death. Only in rare instances do federal or private school loans get forgiven when the borrower declares bankruptcy. If you have private student loans, you may want to consider refinancing y
I am a public school teacher, though sometimes it feels like I work for the company store.
For five years, I have been making monthly payments on a student loan that started out at $50,000 but has grown to $59,000 because of accrued interest. So far, I have paid down the principal by a whopping $97.
To survive in this profession, I need help. So do my fellow teachers. We need student loan cancellation and a robust national loan forgiveness program for teachers.
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Biden has suggested he would support a more conservative $10,000 figure, which economists say would help the most vulnerable borrowers.