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What Is Debt Forgiveness Program?

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There are certain debt forgiveness programs that allow borrowers to stop paying off the debt. The lending institution from the private or government sector pays off a debt for the borrower.

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There are:

  • Public Service Loan Forgiveness (PSLF) for people, who work in certain public service jobs and have made 120 payments on Direct Loans.
  • Teacher Loan Forgiveness for teachers in a low-income school or educational service agency.
  • Closed School Discharge for school workers if a school closes while they are still enrolled or soon after they withdraw.
  • Disability Discharge for totally and permanently disabled people.

If you are a student, you must have heard about the student debt forgiveness program. There is a shortlist of the possible debt forgiveness programs (make your own research to find whether you qualify for one of them):

  1. William D. Ford Direct Loan Program (known in the media as Obama Student Loan Forgiveness).
  2. Public Service Loan Forgiveness.
  3. Total and Permanent Disability Discharge.
  4. Military College Loan Repayment Program (CLRP).
  5. Corinthian Student Loan Forgiveness.
  6. Special Forgiveness Programs for Doctors by State: New York, Washington, Pennsylvania.
  7. Special Forgiveness Programs for Lawyers by State: Washington D.C., Florida, Michigan.

Along with the aforementioned programs, it makes sense to check out private debt forgiveness programs for students.

You can also consider IRS debt forgiveness program that is about receiving some part of taxes back.

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