Which Of The Following May Not Make You Eligible For Loan Forgiveness Everfi

Focus Maan May 07, 2024

EverFi offers financial education courses, but they do not directly provide loan forgiveness programs. However, they may offer courses that cover topics related to loan forgiveness eligibility criteria. Whether you're eligible for loan forgiveness depends on the type of loan and the forgiveness program you're applying for.

Here are some factors that may affect loan forgiveness eligibility for certain types of loans:

  1. Federal Student Loans: For federal student loans, eligibility for loan forgiveness programs such as Public Service Loan Forgiveness (PSLF) or Teacher Loan Forgiveness depends on factors such as working in qualifying public service or teaching positions, making qualifying payments, and meeting specific program requirements.

  2. Income-Driven Repayment Plans: Borrowers enrolled in income-driven repayment plans may be eligible for loan forgiveness after making a certain number of qualifying payments over a specified period, typically 20 to 25 years, depending on the plan.

  3. Forgiveness for Public Service Employees: Public Service Loan Forgiveness (PSLF) is available to borrowers who work full-time for qualifying employers in public service or non-profit sectors and make 120 qualifying payments under a qualifying repayment plan.

  4. Forgiveness for Teachers: Teacher Loan Forgiveness is available to teachers who work full-time for five consecutive years in certain low-income schools or educational service agencies and meet other eligibility criteria.

  5. Forgiveness for Nurses and Healthcare Professionals: Some loan forgiveness programs are available to nurses and healthcare professionals who work in underserved areas or provide healthcare services in exchange for loan forgiveness.

  6. Military Loan Forgiveness: Members of the military may be eligible for loan forgiveness programs such as the Military College Loan Repayment Program (CLRP) or the Public Service Loan Forgiveness program.

It's important to note that loan forgiveness eligibility criteria can vary depending on the type of loan and the forgiveness program. Borrowers should carefully review the specific requirements of each program and consult with their loan servicer or a financial aid advisor for guidance on eligibility and application procedures

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