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When your loan is forgiven, cancelled, or discharged, it means  that you are not expected to repay it anymore. For those who work in certain sectors and industries, there are a number of student loan forgiveness opportunities available. To assist debt-ridden graduates in paying off their loans, a few states even have programs that specifically target this population. Student loan forgiveness can be a great option to consider when you are having a hard time owing to your enormous debt or searching for better ways to repay your student loan. Here are some of the most important things to remember when you are seeking student loan forgiveness.

 

If you withdrew, but your school did not pay the refund that should have been paid to the Department of Education or to a private lender, you may be qualified for a discharge of  your Direct Loan or FFEL Program loan. Just be sure to discuss with your school how refund regulations are applicable for federal aid. Keep in mind that the amount that will be discharged corresponds to the amount of the delinquent refund. Whether the school is closed or open, you may still be entitled to this partial discharge. Find out more at forgivenessprocessing.com/. 

 

When you obtain a job at a government or non-profit organization and repay your loans depending on your income, you may be eligible for forgiveness of your Direct Loans, following 10 years of payments and employment. Some of the qualified occupations are: teachers, firemen, military personnel, nurses, and many others. However, you should also keep in mind  you may not be able to obtain a benefit for similar programs that involve the same qualifying payments or period of service.

 

Four main income-driven repayment plans are provided by the federal government. These plans enable you to allocate a part of your monthly income for loans repayments. These four are: Income-based repayment, Income-contingent repayment, Pay As You Earn, and Revised Pay As You Earn. Depending upon the kind of plan you have, these 4 programs automatically forgive your the balance of your loan, following 20 to 25 years. These programs were targeted at those people who have a considerable loan balance when in comparison to their yearly income. The requirements for these programs are dependent on the plans. Just remember that loans will get qualified for income-driven repayment as soon as it is integrated into a Direct Consolidation Loan, even though they may not be in the beginning.

 

In all this options for navient student loan forgiveness, you should remember the effect of the process on your taxes. Under the present IRS rules, if there is still a remaining balance when repayment period for any of these plans ends, you might still be obligated to pay income tax on the forgiven amount.

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Before you proceed, be sure to weigh your options and check out http://www.ehow.com/how_12343625_can-advantage-student-loan-forgiveness.html for further details.