When you get out of college, student loan debt can mount up very quickly. You may not even realize how much you owe until you start receiving student loan debt relief. What makes these federal student loan forgiveness programs so special is that once you have gone through and completed them, you never have to repay the debt even if you decide to go back to college or further your education. In other words, once you qualify for federal student loan forgiveness programs, you have no more student loan debt to repay. Here are what to expect.

student loan forgiveness

To qualify for student loan forgiveness programs, you must be enrolled in an undergraduate program at a school that offers federal student loan forgiveness programs. These student loan forgiveness programs are based on your student loan payment status. If you are on one of the qualifying repayment programs, you will qualify for student loan forgiveness after you have finished your education and repaid the federal student loans you owe. Forgiveness will be granted for the balance owed on eligible federal loans. Eligibility varies by lender.

There is no credit check when applying for federal student loan forgiveness. There may be requirements that you fulfill, however. They vary by each lender, so it is best to check with individual banks for the exact requirements.

To qualify for student loan forgiveness, you must be enrolled in an undergraduate program at an approved college or university. You must also have satisfactorily completed all requirements for enrollment, such as satisfactory academic progress reports. And you must meet certain income guidelines, which are determined by the U.S. Department of Education.

One of the most common federal student loan forgiveness programs for nurses is the Direct Loan Consolidation Scholarship Program. This program offers federal consolidation loans to students who are going to pursue a career as nurses. Applying generally does not require a credit check or income verification. In order to qualify for this federal program, you must be enrolled in an eligible nursing program at an approved school. The eligible programs vary by each federal department.

Another of the federal student loans forgiveness programs for nurses is the Income-driven repayment program. Qualification requirements for this program are not very strict, but you do have to meet certain income guidelines. Eligibility is based on family income and monthly income requirement. In general, the more income you have, the less income-driven repayment you will qualify for. You do not have to pay any interest during the grace period following your graduation. You also have a longer time to repay your loan in this loan program than in subsidized and unsubsidized federal student loans.

Many state-based loan repayment programs also have federal student loan forgiveness provisions. In addition to the federal student loan forgiveness programs mentioned above, many states provide their citizens with the opportunity to defer the start-up fees for their state-based education loans while they work or attend college. If you have a cosigner who has a state-based education loan, that individual may qualify for a federal deferment too. If not, then you may want to talk with the student loan company or the state student loan relief office for more specific information.

There are several other examples of state-based student loan forgiveness programs. For instance, pharmacists may also qualify for forgiveness. Many states have pharmacists who serve as education specialists in high-need areas. Qualifying pharmacists can get up to 100 percent of their usual state fee for participating in a state-based community health education program. Many states also provide student loan forgiveness to dentists and chiropractors who participate in state-based dental education programs.