11 Ways You Can Get Out of Paying Student Loans

If you borrowed student loans to pay for college or graduate school, you might have a long road of debt repayment ahead of you. But you could reach your destination much faster — and end up paying much less, or in some cases nothing at all — once you know how to get out of student loan debt with a loan forgiveness or discharge program.

Many of these programs offer loan cancelation or assistance in exchange for qualifying employment or other eligibility requirements. Others may throw out your entire student loan bill in special circumstances, for example, if your school closed.

If you’re struggling to pay back your student debt, read on to potentially find a program that fits your situation.

How to get out of student loan debt

From income-driven repayment plans to Public Service Loan Forgiveness, the government offers various ways to wipe away your college debt balance. Read on to learn about how to get out of student loan debt without paying the entire amount yourself.

1. Income-driven repayment plans

If you still have a balance at the end of 20 or 25 years on an income-driven repayment plan, it will be forgiven. And at the same time, these plans can decrease your monthly payment, as your regular bill will be capped at a percentage of your discretionary income.

Just keep in mind that stretching your payments over 20 to 25 years may actually end up costing you more in the long run due to interest. And any forgiven amount at the end of the repayment period might be considered taxable income, so you’ll likely have to pay one last bill before saying goodbye to your student loan debt for good.

2. Public Service Loan Forgiveness (PSLF)

If you work in public service for 10 years, you could be eligible for the Public Service Loan Forgiveness (PSLF) program.

To qualify, you must work for 10 years in public service for at least 30 hours per week. You must also must make at least 120 qualifying monthly payments under one of the income-driven repayment plans.

That said, the future of the PSLF program isn’t certain, and it could be phased out in the years to come. What’s more, some PSLF applicants have reported that their applications were denied for unclear reasons.

Although the PSLF program remains in effect for now, the road to getting loan forgiveness hasn’t been as easy as borrowers hoped.

If it sounds like you might not qualify for PSLF, answer a few questions below so we can help point you towards other repayment options. Otherwise, scroll down to read on.