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How do I know if I am eligible for any sort of loan forgiveness? I get calls often about this and assume they are fake – but I’d like to know if any sort of program is out there that I am eligible for and where I can find information on this.
You are 100% right, any calls you get about loan forgiveness are fake. They’re scams trying to steal your money and information 🙁 The US Dept of Education doesn’t call borrowers to sign up for loan forgiveness.
The first place to start with loan forgiveness is by answering a few questions.
What type of student loans do you have? Federal or Private?
Private loans aren’t eligible for student loan forgiveness.
What do you do for employment and who do you work for?
There are loan forgiveness programs based on the type of work you do (such as Teacher Loan Forgiveness) and who you work for (any 501c3 employer).
If none of those situations apply and you have federal student loans, you may be eligible for income-driven loan forgiveness. You must be enrolled in an income-driven repayment plan and make payments for 20-25 years. After that point in time your remaining balance will be forgiven (however it is taxable as income).
I definitely understand not wanting to miss out on an amazing opportunity if it exists, but like you said the loan forgiveness calls are too good to be true.
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