NPR reports Teacher Loan Forgiveness Program still not working. We encourage you to review the article and contact us to find out how this might affect you.
Tina Carr and Yvette Colon had the same goal. They wanted to build careers in the medical field, make a good living and enjoy a better quality of life. They both knew that the gateway to a brighter future would be to attend a good school that had a track record of placing its students in meaningful jobs after graduation and would give them the opportunity to pursue further education down the road. Sanford-Brown Institute convinced them they had found their dream school, but instead plunged them into a nightmare that isn’t over yet.
With the average student loan balance hitting $29,800 for the Class of 2018, you’re probably looking for any help you can get paying off your debt. And if you meet certain requirements, it’s possible to have a portion of your balance forgiven.
Not everyone qualifies for forgiveness: If you have private loans, for example, you’re on the hook to repay the full amount, and every forgiveness program has strict requirements. You shouldn’t count on forgiveness to get your debt under control, and you should never pay anyone who promises to get your debt forgiven—it’s likely a scam.
Most people pursuing public service loan forgiveness discover at some point that they don't qualify, for one technical reason or another.
That may be because their loan type is ineligible or they're not in the right repayment plan.
The Public Service Loan Forgiveness program was signed into law by President George W. Bush in 2007 and allows not-for-profit and government employees to have their federal student loans erased after 10 years of on-time payments.
The Public Service Loan Forgiveness (PSLF) program began in 2007 with the intent of providing a financial cushion for those who chose to work in public service. You make 120 months of income-based payments while working for a qualified organization (such as the government or a 501(c)(3) entity). Upon completion, the remaining balance of your federal loans are forgiven without having to pay income tax on the debt cancellation.
For years, student loan borrower advocates and concerned borrowers themselves have sounded the alarm over the future of a government program offering student loan forgiveness for public servants.
BATH TOWNSHIP, Mich. (AP) - The IRS is asking a wounded veteran from Michigan to pay $62,000 in income taxes on the federal government’s cancellation of his student loans.
First Lt. Will Milzarski served two tours in Afghanistan that left him with a traumatic brain injury, post-traumatic stress disorder and hearing loss. The federal government canceled $223,000 in student loan debt after deeming him totally and permanently disabled.
Amanda Lawson-Ross planned her career around a government loan forgiveness program. But after making payments for four years, it turns out she doesn't qualify.
Lawson-Ross was in graduate school at the University of Akron when she first heard about the Public Service Loan Forgiveness program. Launched in 2007 under the George W. Bush administration, it promises loan forgiveness to people who work at non-profits or for the government once they've made 10 years' worth of payments.
Late last year, congressional Republicans passed a $1.5 trillion tax cut, which delivered the lion’s share of its benefits to the wealthy and corporations. The GOP did not justify this policy on the grounds that all corporate shareholders and trust-fund hipsters deserved to have their wealth increased. Rather, the party argued that, however one felt about making the rich richer, the tax cuts would ultimately benefit all Americans by increasing economic growth and lowering unemployment.
HUG is NOT refinancing, consolidation, settlement or bankruptcy. It will not damage or freeze your credit. Our typical client will be debt-free in half the time or less, including mortgage, credit cards, student loans and other types of debt obligations, compared to their current schedule. Most clients will pay less than 3% interest over all.
Less than 10 minutes to learn if this may be the right solution for you.
No sensitive information or credit card required. For your security, we do NOT ask for account or social security numbers etc.
Receive your personalized illustration instantly! It’s free and contrasts your current financial situation with HUG Plan suggestions.
No onslaught of solicitations! As financial coaches, we know long lasting relationships are built on trust. We will never sell or share your information with other companies without your permission.
Plans start at just $39.95 monthly!
"Nothing in life is to be feared. It is only to be understood."
– Marie Curie
“This would be a much better world if more married couples were as deeply in love as they are in debt.”
– Earl Wilson
“What I would like to do... once I take care of all my kids' student loans, is buy a red 1965 Mustang and fully restore it.”
– Mike Quigley
"There is scarcely anything that drags a person down like debt."
– P. T. Barnum
"Bankruptcy laws allow companies to smoothly reorganize, but not college graduates burdened by student loans."
– Robert Reich
"If we don't change direction soon, we'll end up where we're going."
