Under the federal law, a loan that has been given to the employees can be forgiven. With one single phone call, your information will be verified and your loans will be forgiven. These programs are fully guaranteed. Public service loan forgiveness – who are eligible
A federal program helps public services such as non-profit organizations with loan forgiveness if they have paid over 120 monthly installments for ten years.

Requirements

• You need to have paid 120 payment installments to the direct loan.
• Payments need to be made under Income-based Repayment, Pay As You Earn Repayment (PAYE), Revised Pay As You Earn (REPAYE), Income-Contingent (ICR) and Standard Repayment.
• It is important to go in for the income-based plan. That is, you need to work for an organization that qualifies, but you do not need to have to work there for ten years.

Eligibility

• Consolidating your loan is a good thing if you want to go in for loan forgiveness. In consolidation, all your loans are combined into a single loan, e.g, Perkins, FFELs, etc. In this period, you can go in for an alternative payment plan; the consolidation resets your payment count for Public Service Loan Forgiveness (PSLF).
• If you do not qualify for the PSLF, then you need to ask yourself the following questions, such as what your current situation is, whether you can try ends meet or not and whether you are struggling or comfortable in making payments?

How to apply for PSLF
One can apply online and submit documents. FedLoan Service will review your application and ask for more information and documents. They calculate how many payments you need to make to qualify for the PSLF. If you are eligible, submit a PSLF application. The first round is slated for October 2017.

There is no limit to what amount can be forgiven, and the entire amount is eligible. Who can get loan forgiveness?

• Teacher loan
  Teachers may be important to the making of a child’s life, but they are underpaid. There is a Teacher Loan Forgiveness Program that helps forgive a part of their loan. If you have been a teacher for five years or more in a low-income elementary school. You may have the power to get a part of your loan amount forgiven. You may get off around $17,500 on FFEL. If you have just a Plus loan then you are not eligible. You require teaching in a low-income elementary school. You should not have a loan from 1998, cannot have defaulted, worked as a teacher for five years or are a highly qualified teacher and have a state certification and license. Teachers can get their Federal Perkins Loans forgiven 100 percent if you are in a low-income public elementary school or are a specialist in mathematics, science and special education. Qualified teachers get their loans forgiven 15 % have their loans canceled in the first and second year of service, 20%in their third and fourth year, 30% in their fifth year. You need to provide documents at the school’s request which will help determine if you will get the loan canceled.
• Doctors loan
  Being an asset to the society’s public health; to become a doctor they put in many years of education and debt. They have a special program for doctors.
• Nurses loan
  Are you a full-time nurse and have paid for your education through the Federal Perkins Loans? Then you are eligible 100% for loan forgiveness. The loans are discharged over a five-year period. Are you working with the underserved community? Then you may be eligible for the Nurse Corps Loan Repayment Program. You can get 60% off with two years of employment. If you have worked for the third year, you might be qualified for an extra 25%. You should be a registered nurse and qualified as a Critical Shortage Facility and require 32 hours a week of work at the facility.
• Lawyers loan
  Many lawyers are facing debts and unemployment many states offer loan forgiveness for them. Around $60,000 may be forgiven. Check out the details in your state.

Loan forgiveness programs

• Income-based repayment
  It is not a typical forgiveness program but is Income-Based Repayment program. Through this system the loan payments are capped at 10-15 percent of discretionary income if you have made the payment for 20-25 years, your remaining balance is forgiven. Forgiven Loans come under the tax law and can be taxed as income. For income-based repayment, your payment should be less than what your payment would be under Standard Repayment Plan. This is easy to meet if your debt is larger than your income. Loans for forgiveness on Income-Based Repayment include Direct Loans, Direct PLUS loans for graduates and professional, Direct Consolidation, Federal Stafford loans, FFEL PLUS Loans, FFEL Consolidation Loans. Borrowers should have made payments for 20-25 years. It is for those who stay low-paying fields but have high debt. You need to give documents such as proof of income and tax return.
• Pay-as-you-earn
  For this loan, you are eligible only after a period of time. This loan caps your payment at 10%; they make payments for 20 years. The remaining balance is eligible for forgiveness. Eligibility is when your payment is less than what it would be under the 10-year Standard Repayment Plan. The loans eligible under this program are Direct Stafford loans, Direct Grad PLUS loans, and Direct Consolidation loans. The forgiveness will depend on your income and family size, and you must be a new borrower as of October 2007 and have a Direct Loan disbursement after October 1, 2011. You have to submit income documentation to qualify for this program.

If you are ineligible for any program, you have a few options by putting your loans in deferment, putting your loans in forbearance or consolidating your loans through direct consolidation loan and private student loan refinancing company.