Student Loan Forgiveness: Do you qualify, and what to do next?

United States – 05-21-2019 ( —

Student loan forgiveness sounds great, right? Go to college, get a degree, take out 100k in loans and then, poof. Your debt is forgiven. 

 It can be more challenging than that, there are a few requirements for loan forgiveness. Let’s take a look to see you qualify, and what the next steps are. Don’t worry if you don’t qualify, you still have options. How does student loan forgiveness actually work?To qualify for traditional student loan forgiveness, you need to fall within one of the following categories. Be a full-time employee at a either a federal, state, or local government agency, or a 501(c)(3) designated organization (Religious organizations do not count). Fall within one of these two categories? Fantastic, do you meet the following criteria? Your loans are direct loans (Direct Subsidized or Unsubsidized, Direct PLUS or Direct Consolidation Loans), or your loans are under one of the following repayment plans:

  • Income-Based Repayment
  • Pay as you Earn Repayment
  • Revised Pay as you Earn
  • Income Contingent Repayment
  • Standard Repayment.

 Checked both boxes? Awesome, you appear to meet the requirements! Next steps is to complete 10 years of payments, and whatever is left on your loan will be forgiven. For more details, and to apply visit Don’t qualify? Don’t worry, only about 1 percent of college graduates do, don’t give up hope. There are still options for you that can help you erase the burden of student loans. CEO Patrick Salome said, “In many cases, you can actually save more money during the lifetime of your loan using some of these strategies than you would have if you had your loans forgiven.” We know, it’s pretty crazy to think about. Here are the three most critical strategies you can implement to reduce your student debt. 1. Consolidate & RefinanceConsolidating and refinancing is one of the easiest things any graduate can do. Not only will you stop making separate payments to all of the loans, but you will also have an opportunity to restructure your loan terms. In most cases, borrowers can simplify their loan payments, get a lower interest rate, and even reduce their monthly payment by simply consolidating and refinancing their existing loans. 2. Automate your paymentsAutomating your loan payments ensures that you won’t forget about your monthly payments, and even better is that a lot of providers will lower your interest rate around 0.5% just for setting up automatic payments. This small decrease can amount to thousands of dollars of savings for many borrowers.3. Make incremental paymentsOne of the most impactful ways to pay off your loans faster is to attack the interest on your loan. Loan providers charge you interest daily based on your current loan balance. This is why in most cases the amount paid in interest can exceed the amount you borrowed in the first place. You can break this cycle by making small, frequent, incremental payments on your loan reducing your balance, which reduces the interest charged each day. These small payments can make a massive impact on your debt. “Our average user can save about $22,000, and 13 years off the lifetime of their loans by making small incremental additional payments” said Patrick Salome. automates this process providing the fastest way to pay down student debt (short of winning the lottery). Zero automatically rounds-up your daily purchases to the next dollar ($3.40 rounded up $0.60 to a total of $4.00) and uses your spare change to make small, incremental payments to your student loans. Zero also provides the easiest way to review consolidation and refinance options without impacting your credit.

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