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re: Wife has student loans that she is paying on. is there any programs that assist
Posted on 11/15/14 at 9:34 am to LSUtigerME
Posted on 11/15/14 at 9:34 am to LSUtigerME
quote:
There's several federal forgiveness programs. My wife's a teacher and has a forgiveness program after 5 years. You have to teach in a low income school, and meet a few qualifications for education (ie be a certified teacher in your subject). It's $5k for non-math and science, and $17k (I think) for math or science.
There is also 10 year Public Service Loan Forgiveness for anyone working in Federal, State, Local, or tribal government (including teachers) or for certain Non-Profits.
When used in conjunction with forgiveness programs, Income Based Repayment (IBR) can be very helpful; 15% or 10% of discretionary income depending on when person last borrowed. Although IBR gives you a 25 year repayment plan, it doesn't matter if you get remaining balance forgiven tax free in 10 years.
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