The concept of having your entire student loan debt eliminated might have a “too good to be true” feel to it. This is not the case, however, because a multitude of student loan debt is forgiven every year. Many of the programs providing student loan debt relief and elimination are purposed for borrowers in specific categories of financial need. Some are provided by the U.S. federal government.

Private student loan debt relief programs are also available. While all of these programs share the common goal of helping post-graduate Americans afford the costs of a college education, they also have numerous differences. For example, qualifying for one program does not necessarily mean you also qualify for another. It is important to understand the qualification requirements of multiple programs, however, to help determine which one offers you the greatest student loan debt-based relief.

When seeking financial relief for your student loan(s) from the U.S. federal government you must meet specific requirements to be considered. The obvious requirement is you must possess at least one federal student loan. You might also have student loans funded through private organizations. Privately funded student loan debt is not eligible for forgiveness or forbearance through any U.S. federal government programs, however.

Essentially, to have a particular student loan debt reduced, deferred or forgiven by a federal program you must have initially obtained that student loan through a federal program. You may still carry a separate private student loan at the same time, however. Possessing a private student loan does not disqualify you from federal relief programs in and of itself. In fact, debt from a private student loan might contribute to your income level criteria in a beneficial way when applying for federal student loan debt forgiveness.

The Public Service Loan Forgiveness (PSLF) program was created to provide financial relief on student loan debt to employees of government and non-profit organizations. Qualifying applicants must meet specific program requirements to have their entire remaining loan balance forgiven tax-free. Qualification requirements include verified enrollment in an IDR plan. Approved applicants must also have made a minimum of 120 student loan payments prior to applying.

Another federal student loan forgiveness program is applicable to teachers. Qualified applicants to the Teacher Loan Forgiveness program must have taught for a minimum of five consecutive years prior to applying. Qualified applicants must also be teaching in a low-income public school district, with student loan debt obtained post-October 1, 1998. Recipients of this program’s benefits are eligible for up to $17,000 in student debt relief. The money is reduced directly from loan balances and not disbursed directly to awarded recipients.

Private student loan debt relief programs also help reduce student loan debt to qualified applicants. The Total and Permanent Disability Discharge program eliminates federal student loans and TEACH Grant service obligations to qualified candidates.

A Closed School Discharge eliminates your student loan debt if your school closed while you were enrolled or soon after you withdrew. The Perkins Loan Cancelation program helps manage your student loan debt based on your employment field or record of volunteer services. Finally, the U.S. Department of Defense (DOD) offers helpful repayment options for those with military service backgrounds.