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Lucy, Esq.
Lucy, Esq., Attorney
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if i owed student loan in early 1980 was 12,000.00. i was on

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if i owed student loan in early 1980 was 12,000.00. i was on and off for payments now it was way over 40,000.00. is there any student loan forgiven like i just heard rumor recently. please let me know. thank you

My name is XXXXX XXXXX I'd be happy to answer your questions today.

Student loan debt is tough. It's one of the few debts that cannot be discharged in bankruptcy and one of few debts where federal benefits can be garnished. Therefore, these loans can follow a person around for most of his life. There are programs that allow for student loan forgiveness where a person is working in the public service. Those programs require that at least 120 payments have been made on the loans, and that the person be working for a specified public employer. I don't know if you would be qualified for that type of program. Most of the forgiveness programs are very specific, and a person has to meet requirements. It's unfortunately not the sort of thing anyone can request. Here is more information, to see if you might qualify.

Otherwise, recent changes in the law allow for income-based repayment. If you do not qualify for any sort of forgiveness, you may want to look into whether you could be eligible to have your payments reduced based on your current income. That could help a little.

I realize that you may be disappointed by this Answer, as it is not entirely favorable to your situation. However, it would be unfair to you and unprofessional of me were I to provide you with anything less than truthful and honest information. I hope you understand.

Good luck.
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