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Posted on 1/25/13 at 9:09 am to LaFBfan
I've never heard that. If that's the case, why would anyone pay their student loans?
Posted on 1/25/13 at 12:22 pm to LaFBfan
quote:
If you have a federal loan and you're on an income-based repayment (IBR) plan, you can have the balance of your student loan forgiven after 25 years, or 10 years if you work in public service. All Federal student loans are eligible except, student loans in default, Parent PLUS loans, and Parent PLUS consolidation loans. Your monthly student loan payments are capped based on your income and family size. For example, family of 3 with an annual income of $45,000 would only pay $157 a month on an IBR plan. You can apply for IBR by contacting the lender servicing your loan. Loans taken out after July 22, 2014 on the IBR plan will be forgiven after 20 years instead of 25 years. President Obama recently announced plans to speed up that date to 2012. Visit the Federal Student Aid website and IBR Info for more information.
So you must be paying your loans off to get them forgiven. (ie you can only get them forgiven if you don't make much money)
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