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As with anything related to the federal government, the terms related to student loan forgiveness are subject to change.
Regardless of any changes that may be on the horizon, Mark Kantrowitz, senior vice president and publisher of and author of "Filing the FAFSA," warns borrowers against betting their financial future on the hope of debt forgiveness, especially the kind that's tied to public service.
These plans include: Your student loan servicer handles the repayment for your federal student loans, so work with the servicer to enroll in a repayment plan or change your current plan.
You can usually do this online via the company’s website.
While it takes decades for forgiveness to happen, borrowers have rushed to get on board.
If you aren’t working in a public service position, you may still be able to get some of your student debt forgiven – but it will take longer.
Federal income-based repayment plans allow for some debt forgiveness after a minimum of 20 years (terms and conditions vary by program).
According to figures released by the Department of Education in August 2015, nearly 3.9 million Americans were enrolled in an income-based or income-contingent repayment plan, a 56% increase since June 2014, to deal with a collective total of more than 8 billion in outstanding debt.
The plans have a two-pronged appeal: the possibility of lower monthly payments now, plus the chance for balances to be forgiven later.
For one thing, there's a rigid time limit: “Public service loan forgiveness occurs after 10 years of full-time service.