I’m graduating in December and I’m already stressing about the loan I’m going to be dragging around with me once I’m out of school. With TOPS being cut significantly, those who still have a couple years left before graduating and those who are just starting college should be aware of these programs that can potentially help get rid of your loans in the future.

You're not alone when it comes to college student loans. Barack Obama didn't pay off his student loans until decades later, in 2004 during his election to the Senate.

Fortunately, there are several ways to have your student loans forgiven (partially or in full.) If your loan is ‘forgiven,' then you are no longer responsible for repaying the remaining balance! Here is how most of these programs work: a percentage of your income goes towards paying your loan for a certain amount of years (usually it is about 10 years) then the remaining balance is 'forgiven.' That sounds awesome, so if you qualify for any of these programs, I suggest taking advantage of them.

1. The Public Service Loan Forgiveness Program (PSLF)

This program is for people who are employed by the government or non-profit organizations. This programforgives the remaining balance on your direct loans after you have made 120 qualifying monthly payments under a repayment plan, while working full-time for an employer for 10 years. “You’ll save the most money you repay your loans on an income driven plan for those 10 years. So once you graduate and get a full-time job, find out if a qualifying employer employs you.

2. Teacher Loan Forgiveness.

For those who graduated in Education, this one is for you! According to Brianna Mcgurran, a student loan journalist, this program is for teachers who have worked full-time for 5 consecutive years in low-income public elementary or secondary schools. They can have up to $17,500 in direct or Stafford loans forgiven. So after 5 years the rest of your loan (under $17,500) would be gone like magic! Fill out the application here: https://ifap.ed.gov/dpcletters/attachments/GEN1419AttachTeacherLoanForgivenessApp.pdf

3. Perkins Student Loan Cancellation

This is for qualified public servants, including "members of the armed forces who served in a hostile fire or imminent pay danger area, firefighters, law enforcement and corrections officers, teachers, nurses, medical technicians, public defenders and VISTA or Peace Corps volunteer," according to Forbes. If your eligible, this program allows you to cancel part or your ENTIRE loan. There is no standard application form, you just have to contact your college!

4. Income Driven Repayment Plan.

According to studentaid.ed.gov, this program sets your monthly payment of your student loan at an amount that is affordable for you based on your income. There are currently four difference income driven repayment plans: Revised Pay As You Earn Repayment Plan (REPAYE Plan), Pay As You Earn Repayment Plan (PAYE Plan), Income-Based Repayment Plan (IBR Plan), and Income Contingent Repayment Plan (ICR Plan).

Changes to the terms of these forgiveness programs could happen at anytime because federal aid is dependent on higher education laws. So stay aware of these cost saving programs so you can potentially have your student loans disappear like magic! Poof!

Sources: https://www.nerdwallet.com/blog/loans/student-loans/student-loan-forgiveness/#Teacher%20Loan%20Forgiveness

https://www.forbes.com/sites/zackfriedman/2017/03/03/student-loan-forgiveness/2/#33c0f4192706

https://studentaid.ed.gov/sa/repay-loans/understand/plans/income-driven