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Federal Student Loan Forgiveness

Learn about federal student loan forgiveness at ACCC.

Interested in federal student loan forgiveness? At American Consumer Credit Counseling, we offer free counseling and education where you can learn more about your options for student debt forgiveness as well as other options for student loan programs.

Federal student loan forgiveness is available to graduates who are entering specific career fields. It’s an incentive for bright-minded young people to give back by choosing careers that have tremendous benefits for the community, but may not provide the kind of income that would enable repayment of student loans.

At ACCC, we are a nonprofit organization dedicated to helping people find their way out of debt. When you come to us for help with your college debt, our counselors will analyze the details of your student loans and lay out all the options available to you for federal student loan forgiveness.

How federal student loan forgiveness works.

There are several options for forgiveness of federal student loans.

The Public Service Loan Forgiveness Program (PSLF) offers federal student loan forgiveness for certain public service employees who have made 10 years of payments on a Direct Loan after October 1, 2007. While FFEL and Perkins loans do not qualify for this program, these loans may be consolidated into a Direct Loan in order to qualify.

Other types of federal student loan forgiveness are available for people in careers that include:

  • Teaching — some programs offer forgiveness for graduates who choose to teach in high-need fields such as science, math, and foreign languages.
  • Community service — graduates who receive the AmeriCorps education award are eligible for student loan debt forgiveness of up to the maximum Pell grant for up to four years.
  • Military service — there are several federal student loan forgiveness programs available to men and women entering the Armed Forces.
  • Health services — federal student loan forgiveness may also be available to graduates entering the field of healthcare.

Your ACCC credit counselor can provide all the details and help you determine whether you qualify for federal student loan forgiveness.

Alternatives to federal student loan forgiveness.

In addition to federal student loan forgiveness, we can provide information on other options for managing your student loan payment. These include:

  • State student loan forgiveness programs.
  • Student loan consolidation plans, where multiple loans are combined into a new loan in order to reduce the payment.
  • Deferment or forbearance, enabling you to delay payment on your loans for a specific period of time due to economic hardship.
  • Alternate repayment plans that provide for extended payoff times, lower payments, graduated payments that increase over time, or payments based on income.

Contact ACCC today to learn more about federal student loan forgiveness and about ways to consolidate private student loans.

American Consumer Credit Counseling (ACCC) is a nonprofit organization offering free credit counseling and education to help individuals and families get out of debt and manage money more effectively. Our counselors can provide advice on options for consolidating loans, managing debt and choosing a debt consolidation credit card strategy. We also offer information on student debt relief, including options for student loans consolidation, deferment and forbearance, federal student loan forgiveness, and how to repay student loans when monthly payments for student education loans become overwhelming. Our counselors can information on the hidden costs of student loan consolidation companies and options for consolidating private student loans. The education section of our website features many free tools and resources, including a student loan calculator.

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