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Does student loan debt go away after 20 years?
Posted on 9/19/16 at 4:48 pm
Posted on 9/19/16 at 4:48 pm
My sister's boyfriend who is $150,000 in debt from private art school makes a bare minimum payment every month, arguing that under Obama's student loan act if a person makes their monthly payment for 20 years the rest of the amount is forgiven. I can't find solid information about this online. Is this true?
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Posted on 9/19/16 at 4:49 pm to zacata88
Tell that bum to pay his freight...
Posted on 9/19/16 at 4:49 pm to zacata88
Posted on 9/19/16 at 4:49 pm to zacata88
If he does civil service it disappears even sooner.
Posted on 9/19/16 at 4:49 pm to zacata88
This seems like a made up story with the goal being an anti sjw circle jerk.
Posted on 9/19/16 at 4:50 pm to zacata88
He sounds like a winner.
Posted on 9/19/16 at 4:51 pm to zacata88
It is forgiven if he dies. Maybe he is counting on that.
Posted on 9/19/16 at 4:52 pm to zacata88
There are a lot of factors but yes there are situations where FEDERAL student loans could be forgiven after 20-25 years of payment. Depends on when the loans originated, payment plan chosen, income earned, and a bunch of other factors.
I don't think it applies to private loans. With $150,000 in debt, your sister's boyfriend likely has some private loans as well.
I don't think it applies to private loans. With $150,000 in debt, your sister's boyfriend likely has some private loans as well.
Posted on 9/19/16 at 4:52 pm to zacata88
If he's on an income based repayment plan then you can be forgiven after 20 or 25 years depending on the plan
Posted on 9/19/16 at 4:52 pm to zacata88
It's a type of repayment plan. It doesn't really "go away." Most student loan plans have payment schedules of 10 years. For some of the plans, you can get it changed to 20 to 25 and will end up paying more on interest. It's not like it's going away.
Posted on 9/19/16 at 4:52 pm to CaptainsWafer
Put foot to arse on this arse.
Posted on 9/19/16 at 4:52 pm to zacata88
Maybe you should consider the source of the information - the same dumbass that spent 150k to learn how to draw
This post was edited on 9/20/16 at 8:59 am
Posted on 9/19/16 at 4:53 pm to zacata88
pics of your sister's boyfriend?
Posted on 9/19/16 at 4:55 pm to zacata88
There are some income based repayment plays, that will go away after 20 years. but then on year 20 when it goes away, you have to report the balance not paid off as income and get taxed on it.
link
for this to work, he has to be dirt poor for the next 20 years... (which, based on his major, he will be)
and under this plan, your payments will change over time based on income and family size. he gets a raise, he pays more in loans...
link
for this to work, he has to be dirt poor for the next 20 years... (which, based on his major, he will be)
and under this plan, your payments will change over time based on income and family size. he gets a raise, he pays more in loans...
This post was edited on 9/19/16 at 4:59 pm
Posted on 9/19/16 at 4:56 pm to zacata88
Your sister is dumber than he is
Posted on 9/19/16 at 4:57 pm to upgrayedd
quote:
4. Income-driven repayment
How it works: The federal government offers four main income-driven repayment plans, which allow you to pay a percentage of your monthly income toward your loans:
Income-based repayment
Income-contingent repayment
Pay As You Earn
Revised Pay As You Earn
All of these programs automatically forgive your remaining loan balance after 20 or 25 years, depending on the plan. Most were designed for borrowers who have a large loan balance relative to their incomes. Revised Pay As You Earn (known as REPAYE), however, is open to any federal student loan borrower, no matter how much you earn.
Basically you racked up an enormous student loan debt, and used it to help you get a a job SO bad that you have no prospect of paying it off in what is typically DOUBLE the normal payoff time.
He might be up sh*t creek if he has $150k in private (non-federal backed) student loans, however.
This post was edited on 9/19/16 at 4:58 pm
Posted on 9/19/16 at 4:59 pm to zacata88
Sounds like something a fine arts major would say
Posted on 9/19/16 at 4:59 pm to zacata88
quote:
who is $150,000 in debt from private art school
quote:
rest of the amount is forgiven
Typical in liberal arts majors.
Blows my mind that they even give out loans for worthless degrees.
Posted on 9/19/16 at 4:59 pm to zacata88
Overheard a hipster doofus talking about how the entire student loan system will fall apart due to nonpayment, so he doesn't plan on repaying his loan.
He'd be better off betting on the Earth falling into the sun.
He'd be better off betting on the Earth falling into the sun.
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