Wednesday, October 26, 2011

student loan forgiveness

  • Question:-Can there be student loan forgiveness for moms who decide to stay home to raise their children?
    There is student loan forgiveness for people who do volunteer work or for teachers who teach low-income children, so why not for moms who have no income of their own, and choose the non-paying job of raising children?

    Answer:-Would this apply to all stay at home moms? Im a stay at home mom with no income of my own. Would i qualify? Now my husband has an income. He makes just over $112k a year from a trust fund. He owns 4 income properties. He recieves another $75k from disability insurance (private insurance NOT SSI) at the moment. Would i still qualify? Im still a stay at home mom with no income of my own. This is one major problem with the idea of loan forgiveness for stay at home moms. It would be ridiculous to allow someone with my household income to not pay a loan. And this isnt even touching the fact that all of us have the option of working or staying home. For those of us who choose to stay home we still have to be responsible to our debts. If we give special treatment based on being a stay at home mom we do a HUGE disservice to the working moms who struggle with bills. If anyone should be given debt forgiveness it should be people like Johnny's Mommy who work damn hard outside the home and struggle with bills because of a father who doesn't pay regular support or not enough, plus raise a good child after work. Those of us blessed enough to be able to stay home don't deserve more breaks in life while good people like that struggle.
  • Question:-Is there any sort of student loan forgiveness program for newly graduated teachers who can't get jobs?
    I recently graduated from college with a degree in elementary education. Because of the economy and cuts in education I have been unable to find a teaching job. As a backup plan I am subbing at some local schools. This however, isn't consistent enough, or enough money to pay my loans. Does anyone know of some sort of student loan forgiveness program in the state of Alabama that could help?

  • Question:-How could I achieve student loan forgiveness?
    I am graduating with a master's degree in civil engineering in May 09 and I owe $50,000 in student loans. They are all Federal Staford loans; half unsubsidized and half subsidized. I've seen partial loan forgiveness programs for the state of Missouri. However, I live in Texas so this doesn't help my situation at all. Any thoughts (excluding loan consolidation)?

    Answer:-I forgive you
  • Question:-Working for a non-profit community college, at any capacity, qualify for student loan forgiveness?
    I recently found out about student loan forgiveness and some of requirements. I work at a community college, but, not as a teacher. Would that qualify me for loan forgiveness?

    Answer:-yes. possible. write in
  • Question:-Where can I find some information on the new student loan forgiveness program?
    My fiance and I are buying a house but she has a TON of student debt (roughly $118k) which is getting in our way. She makes practically nothing as a social worker, and I've read that the new program gives forgiveness to teachers, civil service workers, and possibly social workers.

    Do you know where I could find more specifics on this? Anything would be helpful. Thanks!

    Answer:-Department of Education has very specific rules for their student loan forgiveness policies for those who work in public service. Page 47 of this book describes the details of having loans forgiven. Note: these are for FEDERAL loans only. If she has private student loans (or she consolidated loans after graduation, she may not qualify.) (page 47)

    What is a public service job?
    Eligible public service jobs are full-time jobs in the following fields:
    • Emergency management
    • Government
    • Military service
    • Public safety
    • Law enforcement
    • Public health
    • Public education (including early childhood education)
    • Social work in a public child or family service agency
    • Public child care
    • Public service for individuals with disabilities
    • Public interest law services (including prosecution or public defense or legal advocacy in low income communities at a nonprofit organization)
    • Public service for the elderly
    • Public library sciences
    • School-based library sciences and other school-based services
    • Certain tax-exempt organizations
    • Faculty teaching in high-needs areas, as determined by the Secretary
    • Full-time faculty member at a Tribal College or University

    Note: A borrower who pays only, or primarily, under a 10-year standard repayment plan or under another repayment plan in amounts consistent with a 10-year standard repayment is UNLIKELY TO HAVE A REMAINING BALANCE for loan forgiveness after making 120 payments on the loan.

    (This is why no one ever really qualifies, they passed the law, but if the person actually pays on it for 10 years, they pay the loan off!!!!) Stupid, worthless benefit that looks good on paper but never gets used unless someone takes a job working for minimum wage after they earn their degree.

    How do I qualify for this loan forgiveness?
    To be eligible to have remaining balances canceled, you must not be in default on the eligible loans and must have made 120 monthly payments on the eligible loan(s) beginning after Oct. 1, 2007. Earlier payments do not count toward meeting this requirement. Payments must have been made under any one or a combination of the following Direct Loan Program repayment plans.

    • Standard Repayment Plan with a 10-year repayment period.
    • Income-Contingent Repayment (ICR) Plan—not available to parent Direct PLUS loan borrowers.
    • Income-Based Repayment (IBR) Plan—not available to parent Direct PLUS loan borrowers.
    • Other Direct Loan repayment plans, but only payments that are at least equal to the amount that would be required under the 10-year Standard Repayment Plan may be counted toward the required 120 payments.
  • Question:-I am looking for ways to get Student Loan Forgiveness Do you know how?
    I have seen programs in the past where if you Teach for a year x amount of your student loan would be erased (paid off). I have also seen a program with the state department. Does anyone know of any other programs?

    Answer:-Here's one of the best kept student loan repayment secrets and employment benefits -- many employers will help pay off student loans as part of an employment incentive contract. Indeed, numerous employers, such as state agencies, colleges, hospitals, law firms, and law enforcement agencies in needy locations, provide student loan repayment standard salaries and benefits.

    Most of the 'forgiveness' programs are actually payment options. Certain jobs, teachers for example, will reduce, but not eliminate the loan, or give you more time before the payment comes due. Lots of places advertise 'student loan forgiveness' but they are high interest loan companies that get the government off your back by paying your loan and then you have a lower payment, but you will pay back 3 times as much after interest rates.

    Best way is to find a low cost loan and pay it off.

    Speaking from experience, they DO NOT forget or give up. They got me years later. To be honest, I had forgotten about it, but I still had to pay up after all those years.

    You can stay in school full time and then the due date is extended until you are out of course.
  • Question:-How does a military vet Find student loan forgiveness programs, or grants.?
    I've got an old student loan that i just cant afford to pay of, the lender keeps changing

    Answer:-As far as I know there is no program for Vets. The only thing you can dispute is if your military service interfered with the completition of the class. You should be able to set up a payments plan.
  • Question:-Does anyone have a list of school districts that offer student loan forgiveness?
    I am looking for a list of any school districts that may be available on a website that you might know of that offer student loan forgiveness if you teach there for a certain amount of time.

    Answer:-Contact your student loan lender, they will know or point you to where you can look it up.
  • Question:-student loan forgiveness and government plant does it exist or not?
    I heard a few weeks ago about a government plan to forgive student loan debt (U.S.) by teaching in a foreign country or something like that? is this plan in existence or is there something like it? ty.

    Answer:-They allows people working in qualifying jobs to have federal loans forgiven if the borrowers are unable to repay their debt in 10 years of regular payments. Once you've made those 120 payments while employed in the right job, the remaining interest and principal are forgiven.
  • Question:-What would the impact be on the economy if there was loan forgiveness on all outstanding student loans?
    What would the impact be on the economy if there was loan forgiveness on all outstanding student loans? Especially now during the financial crisis.


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