How to Get Student Loans Forgiven

Most people need to plan on repaying what they borrowed.

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Dear Alpha Consumer,

I have about $70,000 in student loan debt and right now it's on deferral. I intend to pay it off, but I'm exploring all my options. Can you talk about debt forgiveness? I'm a writer and haven't found any debt forgiveness programs that apply.

The reason you haven't found any is probably because there aren't any. Loan forgiveness programs are few and far between, and the ones that do exist apply mainly to people working in public sector jobs such as law enforcement or social work. (Read more about the federal government's policies here.) People with disabilities are also eligible for various forgiveness programs.

But with $70,000 in debt, you probably have at least some private loans, and the rules on those will vary by provider. If you think you have a reasonable argument (you haven't mentioned one so far), then call your lender and make your case. If you are unable to make your monthly payments, you may be able to continue to defer your loan, although interest will still accrue.

The bottom line: You need to pay those loans back. After all, why would companies lend money to students if it was easy for them to avoid paying them back later?