Here are three other forgiveness and relief opportunities that can help you deal with your student loan debt while you work towards improving.
Public Service Loan Forgiveness
The PSLF Program writes off the balances of government and nonprofit employees after 10 years of full-time work. The program was broken for years, but for a limited time, the Education Department has temporarily relaxed the program’s rules to allow more people to benefit. If you have a Federal Perkins Loan or Federal Family Education Loan, you’ll need to consolidate it into a Direct Consolidation Loan before you apply for the Limited PLSF Waiver.
Income-Driven Repayment Plan Forgiveness
Borrowers who stay in an IDR plan for 20+ years can have their remaining loan balance forgiven — at least that’s the promise the Education Department made. Unfortunately, student loan servicers did a terrible job educating borrowers about this forgiveness opportunity. Instead, many of those companies steered borrowers into lengthy forbearances that tacked thousands of dollars of interest onto their balance.
Related: Student Loan Forbearance Steering
To fix this issue, the Biden administration announced it would use a one-time waiver to increase the number of qualifying payments borrowers have earned towards IDR forgiveness. Read more about the Limited IDR Forgiveness Waiver.
Cancer Treatment Deferment
You can temporarily pause federal student loan payments by applying for a Cancer Treatment Deferment Request. The deferment will last for the duration of your cancer treatment plus six months. During that time, payments will be suspended, but interest will continue to accrue on your unsubsidized FFEL, Direct Loans, and PLUS Loans.