Ibrahim Gardner
Student loan forgiveness programs are offered by both federal and state governments, as well as private companies. These programs can provide full or partial loan forgiveness for those who meet certain requirements, such as working in a specific industry or serving in the military. Additionally, some companies offer student loan repayment assistance as an employee benefit, which can help individuals avoid choosing between paying off student loans and saving for retirement. Federal loan forgiveness programs include the Public Service Loan Forgiveness (PSLF) program, Teacher Loan Forgiveness Program (TLF), and the Office of the U.S. Department of Education's IDR plan. Private companies like Chegg, Clayco, and Fidelity offer student loan repayment assistance to their employees, with varying contribution amounts and eligibility requirements.
| Characteristics | Values |
|---|---|
| Federal student loan forgiveness | Remaining balance of federal student loans is forgiven |
| IDR plan | Monthly payment based on income and family size |
| TPD discharge | For people with disabilities that limit their ability to work |
| Military grants | For military members, veterans, and their relatives |
| State grants | Often tied to specific jobs and industries |
| Career-based grants | For teachers, medical personnel, and more |
| Private grants | May still be available if loans are in default |
| Scholarships | For fans of specific music, TV, or sports |
| Company programs | e.g. Clayco, Chegg, Fidelity, Google, New York Life |
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What You'll Learn
Federal student loan forgiveness
The Public Service Loan Forgiveness (PSLF) program is one such initiative. Under PSLF, you can apply for forgiveness of your federal student loans if you repay them under an Income-Driven Repayment (IDR) plan or a standard 10-year plan. IDR plans base your monthly payment on your income and family size, and your remaining balance may be forgiven after a certain number of payments over 20 or 25 years.
Another option is the Teacher Loan Forgiveness Program (TLF). TLF offers forgiveness of up to $17,500 off of Direct Subsidized and Unsubsidized loans and Subsidized and Unsubsidized Federal Stafford Loans. In exchange, you must teach full-time for five consecutive academic years in a low-income school or within an educational service agency, among other qualifications.
If you have a disability that severely limits your ability to work, you may qualify for a Total and Permanent Disability (TPD) discharge. With a TPD discharge, you don't have to repay any of your federal student loans, nor do you have to complete any outstanding Teacher Education Assistance for College and Higher Education (TEACH) Grant service obligations.
Additionally, if you work full-time for the government or a not-for-profit organization, you may qualify for forgiveness of your Direct Loans. The Department of Justice Attorney Student Loan Repayment Program is another example of a federal program that provides loan repayment assistance for attorneys working in the Department of Justice with at least $10,000 in federal student loan debt.
Lastly, the Segal AmeriCorps Education Award is a benefit received by participants who complete a term of national service in an approved AmeriCorps program. After completing your service, you are eligible to receive an award that can be used to repay qualified student loans.
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Loan repayment assistance from employers
The burden of student loan debt can be overwhelming for many graduates, but fortunately, more and more companies are starting to offer student loan repayment assistance programs. According to the International Foundation of Employee Benefit Plans (IFEBP), only 4% of companies offered student loan repayment benefits in 2019, but that number grew to 14% in 2024. This expansion can be attributed in part to provisions in the SECURE Act 2.0, a retirement savings law signed in 2022, which allows companies to match employees' student loan payments into their company 401(k) plans.
Currently, employer student loan repayment programs provide workers with up to $5,250 in tax-free aid annually, thanks to the July 2025 One Big Beautiful Bill Act. Some notable examples of companies that offer student loan repayment assistance include:
- Fidelity: Offers a student loan repayment benefit with a lifetime maximum of $15,000 for full-time employees and $7,500 for those working 20 to 30 hours per week.
- New York Life: Contributes up to $170 per month toward employees' student loans, with a lifetime maximum of $10,200 after five years of contributions.
- Nvidia: Provides full- and part-time employees working at least 20 hours per week with up to $350 per month toward student loan repayment, with a lifetime maximum of $30,000.
- Chegg: Offers an Equity for Education student loan repayment program that provides up to $5,000 annually for employees with at least two years of tenure, from entry-level to manager positions.
- Gradifi: Offers a financial consulting service that provides student loan repayment assistance. Employees working at least 20 hours per week are eligible, and the company pays up to $12,000 toward an employee's student loan debt, including a $100 monthly stipend for five years and a $6,000 lump sum payment at the end of this period.
When considering employment opportunities, it is worth researching and comparing the student loan repayment benefits offered by different companies. These benefits can provide significant financial peace of mind and help foster loyalty between employees and employers.
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Grants for teachers
There are several grant programs and loan forgiveness programs that can help teachers pay off their student loans.
Teacher Loan Forgiveness (TLF) Program
The TLF Program forgives up to $17,500 of your Direct Subsidized and Unsubsidized Loans and Subsidized and Unsubsidized Federal Stafford Loans after five complete and consecutive years of teaching at a qualifying school. To qualify for TLF, you must teach full-time for five complete and consecutive academic years, with at least one year after the 1997–98 academic year, and you must have been a new borrower on or after October 1, 1998. Certain highly qualified special education, mathematics, or science teachers can qualify for up to $17,500 in forgiveness.
Public Service Loan Forgiveness (PSLF) Program
The PSLF Program forgives the remaining balance on Direct Loans after 120 qualifying payments (a minimum of 10 years). Unlike TLF, PSLF does not require you to teach at a low-income public school. Instead, you must work for a qualifying employer, including government organizations at any level (federal, state, local, or tribal) or tax-exempt nonprofit organizations.
Federal Pell Grant
The Federal Pell Grant is a financial aid program for undergraduate students with exceptional financial need. While it is not specific to teachers, it can provide up to $7,395 for the 2025-2026 academic year and does not need to be repaid.
State and Local Grants and Loan Forgiveness Programs
Many states and local governments offer loan forgiveness programs for teachers, especially if you teach in a high-need area or at a low-income school. Reach out to your state's education agency or loan servicer to learn more about specific programs and eligibility requirements.
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Military grants
There are several student loan forgiveness programs available for military members and veterans. Here are some of the key programs:
Public Service Loan Forgiveness (PSLF)
This program forgives all student loan debt after the borrower makes 120 qualifying payments while working full-time with the military or another qualifying non-profit organization. Deferred payments do not count towards the 120 monthly payments and might extend the timeline to receive PSLF.
Army Student Loan Repayment: Active Duty
This program offers military student loan repayment assistance to people on active duty. To qualify, you must enlist for at least three years and score 50 or higher on the Armed Services Vocational Aptitude Battery (ASVAB). If you meet the requirements, the Army will pay up to 33.33% of your principal balance each year for three years, up to $65,000 in loan assistance. It's important to note that this program only applies to federal student loans, not private ones.
Navy Student Loan Repayment
If you're in the Navy, you could receive up to $40,000 per year in student loan repayment assistance. The U.S. Navy Health Professions Scholarship Program covers full tuition, required book fees, and provides a monthly living expense stipend. To be eligible, you must be a U.S. citizen, meet the Navy's physical requirements, and graduate by age 42.
Air Force Student Loan Repayment
The Air Force Judge Advocate General's (JAG) Corps offers up to $65,000 in student loan repayment assistance. You'll receive payments over a three-year period after your first year of service as a JAG officer.
Health Professions Loan Repayment Program
This program assists doctors, dentists, and other healthcare professionals on active duty or in the Army Reserve. Qualifying borrowers can receive up to $40,000 per year for up to three years, amounting to $120,000 in military loan forgiveness, which can significantly help with paying off medical or dental school loans.
It's important to note that there may be other military-specific scholarships and loan repayment programs that you could be eligible for, depending on your specific circumstances. Additionally, active-duty military service members may qualify for loan deferment, forbearance, interest suspension, or other relief on federal student loans during their service.
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Scholarships
Richard Turner Jr. Musical Gifts Scholarship
This scholarship is offered to college students or adults in a career who have student debt. To be eligible, applicants must be African American or Hispanic/Latino and first-generation students. This scholarship aims to provide financial support to students who are looking for aid and tips on financing their education.
A Heroes Family Scholarship
The A Heroes Family Scholarship is designed to provide financial assistance to students who have lost a parent, guardian, or spouse due to the tragic death of a first responder, including those in law enforcement, fire, or the military. This scholarship supports students who need financial aid due to their family's sacrifice.
Career-based Scholarships
Many organizations offer scholarships to students pursuing specific careers, such as teaching, medicine, law, or other fields. These scholarships often come with student loan repayment plans or forgiveness programs. For example, the Teacher Loan Forgiveness Program (TLF) offers up to $17,500 in loan forgiveness for teachers who teach full-time for five consecutive years in low-income schools.
University Scholarships
Post-graduate schools, such as law or medical school, may offer scholarships or loan forgiveness programs to attract talented students. These scholarships may be merit-based or need-based, so it's important to research and apply for the ones that match your qualifications and financial situation.
Private Company Scholarships
Some private companies offer scholarships and student loan repayment assistance to their employees. These programs are often overlooked, but they can provide significant financial benefits to employees struggling with student debt. It is always worth asking your employer about such benefits.
In addition to these scholarship opportunities, it is worth exploring federal and state grant programs, as well as loan forgiveness initiatives, to help manage and reduce your student debt burden.
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Frequently asked questions
PSLF stands for Public Service Loan Forgiveness. If you make 120 qualifying monthly payments under the PSLF program, you can apply to have your remaining loan balance forgiven, tax-free.
An IDR plan bases your monthly payment on your income and family size. If you repay your loans under an IDR plan, your loan balance may be forgiven after 20 or 25 years.
The Segal AmeriCorps Education Award is a benefit received by participants who complete a term of national service in an approved AmeriCorps program. After completing your service, you are eligible to receive an award that can be used to repay qualified student loans.
Yes, there are. The Teacher Loan Forgiveness Program (TLF) offers student loan forgiveness of up to $17,500 off of Direct Subsidized and Unsubsidized loans. In exchange, you must teach full time for five consecutive academic years in a low-income school.
Yes, there are several private companies that offer student loan repayment assistance to their employees. Some examples include Chegg, Clayco, Fidelity, Google, and New York Life.
