A Guide to Student Loan Forgiveness

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Editor’s note: Lantern by SoFi seeks to provide content that is objective, independent and accurate. Writers are separate from our business operation and do not receive direct compensation from advertisers or partners. Read more about our Editorial Guidelines and How We Make Money.
What Does Student Loan Forgiveness Mean?
How Does Student Loan Forgiveness Work?
Who Pays for the Student Loan Debt?
Types of Student Loan Forgiveness
Public Service Loan Forgiveness
Teacher Loan Forgiveness
Biden Student Loan Forgiveness
Nurse Student Loans
Income-driven Repayments
Revised Pay as You Earn (REPAYE) is a repayment plan with monthly payments that are generally equal to 10 percent of your discretionary income, divided by 12. Monthly payment amount is based on adjusted gross income, family size and total eligible federal student loan balance. Income Based Repayment (IBR) Plan is a repayment plan with monthly payments that are generally equal to 15% (10% if you are a new borrower) of your discretionary income, divided by 12. The Income-Contingent Repayment Plan (ICR) is a repayment plan with monthly payments that are the lesser of what you would pay on a repayment plan with a fixed monthly payment over 12 years, adjusted based on your income or 20% of your discretionary income divided by 12.
Refinancing Your Student Loans
The Takeaway
About the Author
Nancy Bilyeau writes about student loans, mortgages, car insurance, medical debt and many other finance topics for Lantern. A veteran of the magazine business, she has edited stories on personal finance for Good Housekeeping and DuJour magazines and has written articles for The Wall Street Journal, Readers' Digest, Parade, Town & Country and Lifetime/A&E, among others. She is a graduate of the University of Michigan.
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