I have a client who is very oppressed with student loan debt, federal and private. He was asking me about new legislation to forgive debt or lower rates or something, and was wanting to know what I knew about all that. Of course, this is not something I know anything about. I will be researching this more later today, just wanted to see if anyone happens to be knowledgeable on this? Thanks for all of the wonderful help!
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I had one public school teacher who applied and got $5000 of her school loan forgiven because of that special program introduced by Pres. Obama for certain professions etc. Don't have all the details of how to apply but school teachers serving in certain depressed areas qualify.Taxes after all are the dues that we pay for the privileges of membership in an organized society. - FDR -
Private loans are governed by their own provisions. Federal Stafford, Perkins, and GradPLUS loans approved for Income-Based Repayment (IBR) have payments set at 15% of discretionary income (as determined by the Federal Poverty Level); if income is below the FPL, IBR can generate a required payment of $0.Originally posted by Super Mom View Post
If the person repaying loans under IBR is employed in a public or qualifying private-nonprofit job, he or she may petition for Public Service Loan Forgiveness (PSLF) after making 120 payments (10 years). All payments must have been made while employed in a qualifying job, and the person must still be employed in that job at the time the forgiveness is granted. PSLF is not taxable income.
For anyone else repaying under IBR, any balance remaining after 300 payments (25 years) may be forgiven; non-PSLF forgiveness is taxable income.--
James C. Samans ("Jamie")Comment
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