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Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 10163
Experience:  Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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Is federal student loan forgiveness a real thing

Customer Question

Is federal student loan forgiveness a real thing
Submitted: 10 months ago.
Category: Tax
Expert:  Lane replied 10 months ago.

Hi,

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Yes - Federal government will forgive your student loan debt after you make 120 qualified payments, or 10 years' worth, while having a full-time job with a public service entity. Students who have loans from the Direct Loan program or Direct Consolidation Loan program are eligible to receive this benefit.

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The Teacher Loan Forgiveness program encourages you to enter into the teaching profession and also to teach in low-income neighborhoods soon after graduating from college. Teachers who qualify may have up to $17,500 of student loans forgiven after five consecutive years. Loans in default do not qualify for this benefit.

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A federal bankruptcy court may discharge your federal student loans, but only under extraordinary circumstances. You must prove to the court that paying the student loan amount represents an undue hardship on yourself or your family.

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Here's a good overview of the public service option: https://studentaid.ed.gov/sa/repay-loans/forgiveness-cancellation/public-service

Expert:  Lane replied 10 months ago.
Expert:  Lane replied 10 months ago.

Hope this has helped … let me know if you have questions

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If this HAS helped, (and you don’t have additional questions on this), I'd really appreciate your positive rating … (by using the stars or rating request on your screen) … … That’s the only way I'll be credited a portion of what you've paid JustAnswer.

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Thank you,

Lane