Everyone wants to be successful, but not everyone has the resources for it. One needs certain tools and equipment to achieve his set milestones. This could include passion, guidance, wisdom, and definitely money and knowledge. Yet, the last two are the hardest to attain. Education comes with money and money doesn’t come easy. That’s why many students have to take loans. That too needs to be repaid and in most of the cases, people are unable to because of the interest expense as well as the inflammatory effects going around. In order to prevent any such occurrences, they feel that it is more convenient to apply for student loan forgiveness.

Loan forgiveness refers to being free from repaying specific loans. Loan forgiveness is granted to debtors under certain circumstances of being disabled to repay. Student loan forgiveness to is the same sort where a person is freed from the repayment of loans he took to acquire education or for completion of degree programs. Some or whole of the loans is canceled by the federal government under the meeting of following criteria by the debt holder.

He must devote some of his time to volunteer services or render services in the military. He could also select teaching or medicine practices in specific communities. However, there is no forgiveness for mortgage, car, or personal loans etc. There are four primary types of loan forgiveness; Public service loan forgiveness (PSLF), teacher loan forgiveness (TLF), Perkins loan cancellation (PLC), and income-driven repayment. However, determining the effectiveness of loan forgiveness to identify if it’s really worth it could be a gruesome task and needs careful analysis for both its positive and negative aspects.


A significant amount will be relieved in the student loan debt in the public service loan forgiveness program. It allows a feasible payment schedule of 120 payments in a total of 10 years and the balance that remains will be forgiven.

One can get employed with the job of his liking after graduating. The only limitation is being employed by the specified employer, typically a non-profit or government agency. That’s totally not a big deal ain’t it?

Unlike the IRS, teacher or public service loan forgiveness programmes do not accumulate the forgiven amount as taxable income. After the pre-determined time-period and number of payment, you are free of the remaining debt, easy peasy.


Loan forgiveness is not an overnight process. It takes time, like real time. And no matter how appealing the scheme sounds, you still need to pay during the first ten years. In the repayment duration, the balance to be paid could grow with increasing interest amounts.

Strict limitations are imposed on the eligibility criteria and you must be well informed about all the policies and required paperwork. Doing all that you can is a cumbersome process to keep you in the pipeline or else you can happily disqualify and drown in the pool of debt.

If you have a predetermined mind for any specific job or employer, your job prospects could be seriously blocked if the employer doesn’t meet the requirement of the loan schemes. Devoting at least five to ten years of your life in a job which is not your priority could lead you to lose your motivation forever.

The Bottom Line:

Student loan forgiveness programs are very attractive for those who are in urgent need of monetary resources in the pursuance of a good and beneficial degree program. However, it needs specific knowledge and guidance before diving into the decision to acquire such a scheme. Both the prospective consequences and circumstances need careful consideration to mark the final decision. In order to choose the most suitable program, one must analyze first his need and then which program fits best with his needs. Moreover, it is also crucial to examine the ability to repay the amount in stipulated time-period.

So, is the Student loan forgiveness worth it?

Even after going through the drawbacks, it would be wrong to declare student loan forgiveness completely useless or harmful. The scheme has fabricated many positive aspects as well. Student loan forgiveness is a well-suited layout for loan borrowers. Given the tolerance level of borrowers for stringent policies and tough conditions, loan forgiveness could actually cater the short-termed educational needs. However, those with a short temperament or little endurance to stresses should first critically evaluate if they will be able to deal with the mess or not.

Author Bio:

Ron Olive is an expert researcher and academic influencer who has wide experience in writing research articles on different niches, including education, tech, laptops, finance and banking and other academic subjects to help the students across the world. Ron is affiliated with various affordable reliable writing service agencies as a professional writer. He believes in crafting the imaginative ideas to engage the readers in getting his point of views effectively.