Overwhelmed by student loan debt? Here is a program which might make a loan go away.

[dixiegrrrrl]

Found the page on the web, have been reading it.
Appears to be sincere.
Might be worth your time to at least look it over...

The Public Service Loan Forgiveness (PSLF) Program forgives the remaining balance on your Direct Loans after you have made 120 qualifying monthly payments under a qualifying repayment plan while working full-time for a qualifying employer.
If you are employed by a government or not-for-profit organization, you may be able to receive loan forgiveness under the Public Service Loan Forgiveness Program .

The site describes "qualifying" and to me it sounds like the programs that were around when I was in Grad school.....
you find a job in specific areas, they erase your debt.

https://studentaid.ed.gov/sa/repay-loans/forgiveness-cancellation/public-service

[upaloopa]

1. I retired from working for Santa Barbara County. We had that program and it was ligitimate.

[flying rabbit]

2. K&R nt

[eppur_se_muova]

3. Only requires 10 YEARS without a single missed payment ... nt

[Travis_0004]

7. Not true

You can miss a payment, or pay it late. If its more than 15 days late, it doesn't count as a qualifying payment, but the clock does not reset. There is no requirement that the 120 payments are consecutive.

[backscatter712]

15. Requires 120 payments, equivalent to ten years.

And the feds in particular are fairly forgiving - if you're unable to make a payment, you can get a forbearance, or you can go on an income-based repayment plan (if you're unemployed, that means $0 payments).

[teenagebambam]

4. It's legit, I'm on it.

The "qualifying employment" has to be non-profit - so health care, education, health care all are covered. Theoretically applies to about 75% of the workforce. Unfortunately you have to be employed full time, so lots of my years of adjunct teaching don't count.

Pluses: your monthly payment amount is based on your income, so many times my payment has been calculated at $0, even when employed full time.

The 120 payments DO NOT have to be made consecutively. Just on time.

Qualified employment is not location-specific.

Downsides: The full time requirement as stated above.

The 120 payments "begin" only from the point where you join the program - so, my 10 years of payments BEFORE thaht point don't count.

I THINK that you are taxed on the forgiven balance at the end, though I wouldn't swear to that.

Still a net gain for me, with $100K left in outstanding debt (from an original borrowed amount of about $30K). I have some hope of seeing it gone before I die.

[dixiegrrrrl]

6. The full time requirement ...did they not say it could be 30 hours...... or more?

Hope it is a workable solution for some folks...

[Travis_0004]

8. 30 hours, or your employers definition of full time, whichever is greater.

Two part time jobs are also acceptable, if you work 30 hours a week combined.

[teenagebambam]

11. That sounds right

I have also, as an adjunct, been able to qualify if a combination of 2 or more qualifiable jobs add up to a full time workload.

[teenagebambam]

5. I should also add:

I only heard about this program at first because a company called offering to "enroll" me (for a fee of course)...but my crack Googling skills revealed that no third party is required, and there's no fee involved.

[2naSalit]

9. I'm full time temporary...

and working for the federal gov't, not sure I would be able to swing it. Had to participate in a "rehab" program for 6 months when I applied for the fed positions and made it, currently my req'd payment is $0 under an income based program, in my second year. I just wish I had an income where I could actually just pay it off.

[backscatter712]

16. The federal government is a qualifying employer. It counts.

And actually, if you're on the income-based repayment plan, and your payments are $0, those count!

[2naSalit]

17. Hmmm...

I'll have to look into that, thanks.

[Liberal_in_LA]

10. I have a friend in the education field who is doing this.

[TransitJohn]

12. Important to remember: loan forgiveness counts as income and is taxed

If you have $100,000 in loans forgiven, you owe income tax on that $100,000 plus your other income in that tax year. PLEASE PLAN AND BUDGET ACCORDINGLY!

[TuxedoKat]

13. Thanks for posting this

Just forwarded it to a few people.

[backscatter712]

14. That's my plan.

Get a government job, since I have an MPA, and also stay on the income-based repayment plan.

Ten years of good payments and the loans are forgiven.

In a nutshell, qualifying employers are federal, state, or local governments, as well as nonprofits.

[2naSalit]

18. That's the

Master's I have too, got a gov't NTE 1039 the last three years.

[a la izquierda]

19. I'm a professor at a state university and I'm on it.

Unfortunately for me, I fight annually with the Department of Education, as they're convinced I must be paid more than I am. But regardless, it works well.