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Started By
Message
Student Loan Debt Forgviness
Posted on 4/21/15 at 9:09 am
Posted on 4/21/15 at 9:09 am
Sorry, I assume this has been discussed a good bit here, but I don't come around these parts much.
I didn't even know of this, but I have a trustworthy friend who mentioned something along the lines of if you've paid on student loans and have worked for a non-profit for 10+ years, your student loan can be forgiven. Does that sound right, or on the right track?
If so, what's the 1st step in the process, who do I contact to get thsi ball rolling?
ETA: Further reading shows it may not be going into effect until 2017, so is there anything to do now or just wait?
I didn't even know of this, but I have a trustworthy friend who mentioned something along the lines of if you've paid on student loans and have worked for a non-profit for 10+ years, your student loan can be forgiven. Does that sound right, or on the right track?
If so, what's the 1st step in the process, who do I contact to get thsi ball rolling?
ETA: Further reading shows it may not be going into effect until 2017, so is there anything to do now or just wait?
This post was edited on 4/21/15 at 9:21 am
3
Posted on 4/21/15 at 9:44 am to shel311
No, you can't have your friend in the HR Department of the Non-Profit fake W-2's and complete a written and/or verbal VOE to get your student loans magically wiped away.
(Sorry if serious)
(Sorry if serious)
Posted on 4/21/15 at 9:53 am to shel311
quote:
If so, what's the 1st step in the process, who do I contact to get thsi ball rolling?
Obama.
Seriously, I have no idea. That was a plan enacted or proposed several years ago. I don't know if it's 10 years as of the plan's beginning or if a retroactive period is allowed.
Just pulled this from this LINK
quote:
Public Service Loan Forgiveness
Payments made in the Direct Loan program in an IBR, ICR, or PAYE repayment count as qualifying payments for those who work in the public sector and would like to apply for public service loan forgiveness. In the public service loan forgiveness program, you may qualify for forgiveness after 10 years or 120 payments instead of the standard 20-25 year forgiveness. Unfortunately, many people are not aware that they must be in the Direct Loan program and in one of the correct repayment plans to qualify for this forgiveness. The public service loan forgiveness program is also quite often confused with the term Obama Student Loan Forgiveness.
I suspect some rough comments coming your way.
Posted on 4/21/15 at 9:57 am to Oenophile Brah
quote:Hopefully not. He didn't ask for the plan, and would be a fool not to take advantage of it.
I suspect some rough comments coming your way.
Out of curiosity what industry are you in? 10+ years worth of student loans? Dang...
Posted on 4/21/15 at 9:58 am to Oenophile Brah
quote:I don't really have any idea what this means compared to what I'm paying on, I just know it as a student loan.
Unfortunately, many people are not aware that they must be in the Direct Loan program and in one of the correct repayment plans to qualify for this forgiveness. The public service loan forgiveness program is also quite often confused with the term Obama Student Loan Forgiveness.
quote:I don't know why, nor would I care, fwiw. I've paid on it for 12 or so years and would pay til it's paid off. But if the government tells me I don't have to pay for it, only a fool would continue to pay.
I suspect some rough comments coming your way
Posted on 4/21/15 at 10:00 am to LSUAfro
quote:"fool", good word choice, we're thinking alike here.
He didn't ask for the plan, and would be a fool not to take advantage of it
quote:Healthcare, the revenue management side of it. The position I have now doesn't require a graduate degree, but my next step up would.
Out of curiosity what industry are you in? 10+ years worth of student loans? Dang
I was pretty much on my own all through college, but I also went to grad school with out of state tuition, so that's really the driving force behind my really high student loan amounts.
This post was edited on 4/21/15 at 10:04 am
Posted on 4/21/15 at 10:25 am to shel311
My student loans were financed longer than 10 years. And when interest is 2%, and the payment is 85 bucks a month....I'm not in a hurry to pay that off. Not that crazy.
The program is for real, but like someone else may have already said, they have to be the federal direct type loans...
The program is for real, but like someone else may have already said, they have to be the federal direct type loans...
Posted on 4/21/15 at 10:31 am to shel311
quote:
Healthcare, the revenue management side of it
So do you work for a non-profit hospital? I'm not sure that falls under the "Public Service" guidelines. Have you reached out to people at federal aid for answers?
Posted on 4/21/15 at 10:42 am to Oenophile Brah
Yes, hospital employment counts...as long as the hospital is a nonprofit, and you're directly employed by it (not paid as an employee of a forprofit subcontractor).
You must make 120 qualified payments (the beginning of the possible counting period was July 2007), you must certify your employment for each of the 10 years was with a govt/nonprofit/etc, and you must sign up with the repayment program. Don't delay if you are interested, as it can be a pain in the rear to track down your employers for the last 10 years to complete the job certification paperwork.
As I posted in a recent thread, millions could be helped by this program, yet it receives little publicity. Teachers, university employees, state & fed govt employees, nurses/healthcare workers, museum curators, social services caregivers, etc etc.
You must make 120 qualified payments (the beginning of the possible counting period was July 2007), you must certify your employment for each of the 10 years was with a govt/nonprofit/etc, and you must sign up with the repayment program. Don't delay if you are interested, as it can be a pain in the rear to track down your employers for the last 10 years to complete the job certification paperwork.
As I posted in a recent thread, millions could be helped by this program, yet it receives little publicity. Teachers, university employees, state & fed govt employees, nurses/healthcare workers, museum curators, social services caregivers, etc etc.
Posted on 4/21/15 at 10:48 am to Oenophile Brah
quote:yes
So do you work for a non-profit hospital?
quote:no. I posted this literally a soon as I heard the generic details from a friend. I'm working now so I haven't had a chance to do much research, just figured is post here to get a bit of info.
Have you reached out to people at federal aid for answers?
Posted on 4/21/15 at 10:49 am to hungryone
You sound like a trained spokesperson lol. Thanks though.
I'm not sure what a federal direct loan or whatever the previous poster mentioned, gotta figure that out.
I'm not sure what a federal direct loan or whatever the previous poster mentioned, gotta figure that out.
Posted on 4/21/15 at 10:55 am to shel311
quote:
You sound like a trained spokesperson lol. Thanks though.
While my loans are long paid off, my better half signed up for the program as soon as it was announced all those years ago. We've paid the minimums and are eagerly awaiting Nov '17, when the (relatively small, but still) remaining balance will finally be cancelled. I have quite a few friends whose law school, PhD, med school, etc debts will be done then. Think we're gonna go rent a villa in the south of France or Ireland or someplace to have a multiweek vacation celebration.
I didn't create the program, but you'd have to be a fool not to take advantage of it.
Posted on 4/21/15 at 10:58 am to hungryone
quote:Where does one go to sign up?
my better half signed up for the program as soon as it was announced all those years ago
quote:of course
I didn't create the program, but you'd have to be a fool not to take advantage of it.
Posted on 4/21/15 at 11:11 am to hungryone
Great, thanks!
That's mainly what I was looking for, I figure I could come here and get the resources I need, as opposed to fishing around online for it until I found it.
Appreciate it!
That's mainly what I was looking for, I figure I could come here and get the resources I need, as opposed to fishing around online for it until I found it.
Appreciate it!
Posted on 4/21/15 at 11:37 am to Feed Me Popeyes
Awesome man, i'll ready through that thread tonight.
Thanks man, appreciate it.
Thanks man, appreciate it.
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