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re: A guy goes to school just for the student loan cash
Posted on 3/3/14 at 2:20 pm to lsuhunt555
Posted on 3/3/14 at 2:20 pm to lsuhunt555
quote:
So because this cat wont just go get a job, hell be in debt until he dies?
No. Federal loan forgiveness takes place in 25 years for loans before 2014, 20 years for loans after. However, you pay an "income tax bomb" on the forgiven amount. This is a serious issue in the future. But, if he can pay his tax bill, he'll be fine, or he'll file bankruptcy at that time.
For public service, forgiveness comes in 10 years with no income tax liability.
This post was edited on 3/3/14 at 2:21 pm
1
Posted on 3/3/14 at 3:06 pm to Teddy Ruxpin
quote:
For public service, forgiveness comes in 10 years with no income tax liability.
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