Loan Forgiveness Programs
There are several loan forgiveness programs that borrowers can take advantage of to pay off full or partial federal student loan balances. Below are some known programs students can take advantage of if qualified.
Public Service Loan Forgiveness
The Public Service Loan Forgiveness (PSLF) Program forgives the remaining balance on your Direct Loans after you have made 120 qualifying monthly payments under a qualifying repayment plan while working full-time for a qualifying employer. Qualifying employment for the PSLF Program is not about the specific job that you do for your employer. Rather, it is about who your employer is. Employment with the following types of organizations qualifies for PSLF:
To qualify for PSLF, you must:
The following types of employers do not qualify for PSLF:
For additional information please visit https://www.ascendiumeducation.org
Teacher Loan Forgiveness
If you are a new borrower* and are a full-time teacher in a low-income elementary or secondary school for 5 consecutive years, you may be able to have as much as $17,500 of your subsidized or unsubsidized loans cancelled.
* You are considered a new borrower if you did not have an outstanding balance on an FFEL or Direct Loan on Oct. 1, 1998, or on the date you obtained an FFEL or Direct Loan after Oct. 1, 1998.
What are the eligibility requirements?
This provision is not available for borrowers of PLUS Loans.
For more information, please visit Teacher Loan Forgiveness or contact your loan servicer.
Nursing Student Loan Forgiveness Program
The Florida Legislature created the Nursing Student Loan Forgiveness Program (NSLFP) in 1989, to encourage qualified personnel to seek employment in areas of the state where there are critical nursing shortages. The program provides funds to assist in the repayment of nursing education loans
Based on available funds, the program provides up to $4,000 a year for a maximum of four years to assist in the payment of the principal balance of the originally verified nursing education loan. After one year of program enrollment, participants will receive a renewal packet. Initial payment will be made to the lender once full-time employment and loan principal balance are verified. Awards are not taxable, pursuant to the Affordable Care Act of 2010.
You are not eligible to apply if you:
For additional information please visit Florida Nursing Student Loan Forgiveness Program
John R. Justice Loan Repayment Program
The John R. Justice Student Loan Repayment Program authorized in Public Law 110-315, Part JJ, dated August 14, 2008, 34 U.S.C. § 10671, provides loan repayment assistance for state and federal public defenders and state prosecutors who agree to remain employed as defenders and prosecutors for at least three years. Repayment benefits cannot exceed $10,000 in a calendar year with a total aggregate not to exceed $60,000.
Eligible education loans include:
Non-eligible loans include:
For more information on the John R. Justice Prosecutors and Defenders Incentive Act, please visit the Bureau of Justice Assistance Website