How to Qualify for Student Loan Relief as a Single Mom

There are many ways single mothers can get student loans forgiven quickly. In the US there are various federal and state-based programs available that may provide relief for single mothers, regardless of their parental status. Below are some options single mothers may consider:

6 ways to get Student Loan Relief as a Single Mom

1. Public Service Loan Forgiveness (PSLF): This program forgives the remaining balance on Direct Loans after making 120 qualifying monthly payments under a qualifying repayment plan while working full-time for a qualifying employer, such as government organizations and non-profit organizations.
2. Income-Driven Repayment (IDR) Plans: These plans set your monthly student loan payments at an amount intended to be affordable based on your income and family size. After a certain period (usually 20 or 25 years), any remaining balance on your loans will be forgiven through this program.
3. Teacher Loan Forgiveness Program: This program is specific to teachers who have been employed full-time in certain low-income schools or educational service agencies. Depending on the subject taught and other qualifications, you may be eligible for forgiveness of up to $17,500 on your Direct Subsidized and Unsubsidized Loans or Subsidized and Unsubsidized Federal Stafford Loans.
4. Perkins Loan Cancellation for Teachers: If you have Federal Perkins Loans and work full-time in certain low-income schools or educational service agencies, you may be eligible to have a portion of your loans canceled.
5. State-Based Forgiveness Programs: Some states offer their own loan forgiveness programs. These programs may target specific professions or public service roles within the state.
6. Childcare Provider Assistance Programs: While not directly related to student loan forgiveness, some states offer assistance or subsidies for childcare providers, which can help alleviate financial burdens for single mothers.

Eligibility Requirements to Qualify for Student Loan Relief as a Single Mom

To qualify for student loan relief as a single mom, you need to meet certain criteria. Here are some key points based on the information I found:

1. Income Limit: If you’re single, you must make less than $125,000 per year.
2. Loan Type: Borrowers must have Direct Loans (or consolidate other federal student loans into a Direct Loan)³.
3. Repayment Plan: Borrowers must repay their loans under an income-driven repayment plan.
4. Qualifying Payments: Borrowers must make 120 qualifying payments.
5. Pell Grant Recipients: This calls for up to $20,000 in debt cancellation for borrowers who are recipients of Pell Grants.

Remember to thoroughly research each program’s requirements and eligibility criteria, as they may vary. Additionally, be cautious of scams or companies promising immediate loan forgiveness for a fee, as these are often fraudulent. It is often better to use trusted services when your finances are involved, make sure that you access the right website. Don’t send your money to anyone posing as a representative of a loan forgiveness program.

Find out if you’re eligible for student loan refinancing through this article.