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legalgems, Lawyer
Category: Education Law
Satisfied Customers: 10484
Experience:  Just Answer consultant at Self employed
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I am 53 years old, I widowed about three years ago and I

Customer Question

Hi my name is***** and I am 53 years old, I widowed about three years ago and I have two teenager girls. I have been in forbearance and deferment most of my loans year because I went back to school when I was in my 30s. Now I am in a IBR program because I am only making less than $2,000 a month. I called my Loan Administrator ACS Education Services and they told me to talk to a lawyer about seeing a forgiveness of the loan. Please advis
Submitted: 1 year ago.
Category: Education Law
Expert:  legalgems replied 1 year ago.

Forgiveness is only permitted in very limited circumstances- such as if a person is permanently disabled, or is requesting cancellation based on being in certain service industries;

the categories are listed here:

Forgiveness is also possible at the end of the term after one is enrolled in the Income Contigent or Income Based or Pay as you earn repayment plans. The loan balance would be forgiven at the end of the term if there is still a balance. The term of the loan would be between 20-25 years depending on which repayment plan was chosen, and when the loans were originally borrowed. How much will be forgiven depends on the original loan amount, how much one is earning, and how much earnings fluctuate during the repayment term.

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Information provided is for educational purposes only. Consultation with a personal attorney is always recommended so your particular facts may be considered. Thank you and take care.


Customer: replied 1 year ago.
In my case I have been with this loan since the 80's so it has been more then 25 years
Expert:  legalgems replied 1 year ago.

The time begins to run from the date the borrower is enrolled in one of the repayment plans.

For loans prior to 2014 the time frame is 25 years;

Because the forgiven portion is considered income, one will receive a 1099C for any forgiven debt; the loan administrator can process the request for cancellation.

Expert:  legalgems replied 1 year ago.

Please see page 15-17 here:

Expert:  legalgems replied 1 year ago.

Checking in on the above;

Thank you for using Just Answer;

Enjoy the extended weekend.