college loans / student loans

A Guide to Student Loan Forgiveness

Consumer Reports offers A Guide to Student Loan Forgiveness
Recent news suggests it is almost impossible to get one’s student loans forgiven, especially under the current administration and Education Secretary Betsy DeVoss. However, it may be worth a try with the help of Consumer Reports.

“The 12-year-old federal Public Service Loan Forgiveness program (PSLF) is one of the bigger programs. Under PSLF you can wipe out your remaining student debt after making 10 years’ worth of on-time payments if you work in a qualifying public-sector job.”

“About 35 million American workers are employed in the public sector and could be eligible for the federal Public Service Loan Forgiveness program alone, according to an estimate from the Consumer Financial Protection Bureau. Yet less than one million people have applied for PSLF so far. To help students find these programs, TISLA created a database that lists more than 100 loan-forgiveness programs.”
Check the website of The Institute of Student Loan Advisors (TISLA), “a nonprofit that provides free one-on-one counseling for student loan borrowers.”  http://freestudentloanadvice.org/

“First the caveats. Most loan-forgiveness programs have very specific requirements. Of the ones open to all borrowers, most apply to those suffering financial hardship. Typically, forgiveness programs are only for federal loans, though some are awarded based on where you live and cover private loans, too. In some situations the amount forgiven is considered income, so you could owe a big tax bill.”

Get the details:

Source: Financial Planning for Women