INDIANA– If you want to better understand who is eligible for student loan forgiveness, how to navigate the Saving on Valuable Education (SAVE) program, and how to get answers from your borrowing agency, you’re not alone.
More than 915,000 Hoosiers owe a combined $29.5 billion in student loans.
We talked to INvestEd Indiana, a nonprofit organization that helps Hoosiers navigate paying for college, and gathered some tips for lowering federal and private student loan payments. We also learned that some borrowers may qualify for a monthly payment of $0.
Can I get my student loans forgiven?
The Biden Administration also recently announced a plan to forgive student debt for some longtime borrowers.
People who enrolled in SAVE, have made 10 years of loan payments, and originally borrowed less than $12,000 to attend college will have the remainder of their federal debts forgiven starting in February.
Even if you’re not eligible for forgiveness under the SAVE plan, you may be able to have your loans forgiven through another government program.
Students pursuing careers in government and in some nonprofit sectors are eligible for Public Service Loan Forgiveness.
Generally, borrowers have to make at least the equivalent of 10 years of payments on federal student loans before the remainder of the debt is forgiven.
Not sure if you’re eligible? You can find more information about who can enroll in the loan forgiveness program and how to apply for the program here.
While some public school employees may be eligible for that program, there also are loans that specifically forgive student debt for teachers.
Teachers who work for at least five years at a qualified low-income school could be eligible for up to $17,500 in federal student loan forgiveness. To find out if your school is eligible, check the online directory, which the federal government publishes annually. If you believe you may be eligible, you’ll need to submit an application to your loan servicer after five years of teaching.
Finally, Indiana healthcare professionals who commit to at least two years of service in certain parts of the state that have a critical need for doctors, nurses, and healthcare workers can have up to $20,000 in loans canceled. If you commit to four years, you can receive up to $40,000 in loan forgiveness.
Find out more about which areas of Indiana are designated health care professional shortage areas through this map.
