Here are some of the best student loan forgiveness options
By Josh Patoka
article
With record amounts of student loan debt, more borrowers qualify for student loan forgiveness. Here the most popular loan forgiveness options. (iStock)
Student loan forgiveness is a popular personal finance topic these days as the Biden Administration proposes to forgive up to $10,000 in federal student loans.
There are currently several student loan forgiveness programs that cancel any remaining loan balance after 10 to 25 years of qualifying payments for most federal loans. The borrower no longer has to repay their student loans after qualifying for loan forgiveness.
Private student loans do not qualify for federal student loan forgiveness but can be discharged due to a total or permanent disability or death. Only in rare instances do federal or private school loans get forgiven when the borrower declares bankruptcy. If you have private student loans, you may want to consider refinancing your student loans to help ease the financial burden. Head to Credible to get started.