Federal Student Loan Forgiveness Program

[VanTrekker]

<p>Were you displaced from your job with no way to pay FEDERAL student loans?&nbsp; Have you heard of the student loan forgiveness program?&nbsp; Chances are no... They don't exactly advertise it...<br /><br />I had my Federal loans through Citi Bank.&nbsp; They were recently sold to Sallie Mae.&nbsp;There is a program in place for those who cannot pay due to poverty or taking low paying jobs...&nbsp; <br /><br />Basically, you apply and after verification of your income, the loan is placed in a forbearance type status.&nbsp; You must re-apply each year and after 25 years the loan is forgiven.&nbsp; The only hitch is that you are still on the hook with the IRS.&nbsp; When the balance is forgiven it is called "taxable income"...&nbsp;&nbsp; I'm not worried about it.&nbsp; By that time I will likely be dead or disabled.&nbsp; There's virtually no chance of collecting a much...<br /><br />Check into the program.&nbsp; I have been on the program for a couple of years.&nbsp; It's easy to apply.&nbsp; It fit's a vandweller's minimalist lifestyle to a "T"...&nbsp;&nbsp;<br /><br /><a href="http://www.usnews.com/education/blo...uld-the-student-loan-forgiveness-act-help-you">http://www.usnews.com/education/blo...uld-the-student-loan-forgiveness-act-help-you</a>&nbsp; <br /><br /><br /><a href="http://www.usnews.com/education/blo...udent-loan-forgiveness-act-could-mean-for-you">http://www.usnews.com/education/blo...udent-loan-forgiveness-act-could-mean-for-you</a><br /><br /><br /><br />Van Trekker (aka V.T.)</p>

 

[Seraphim]

Good information. Can parents apply? Lol

 

[VanTrekker]

I don't know... I don't have any kids.&nbsp;&nbsp; *smile*

 

[Guest]

Hi, what were the income limits for qualifying? Right now I'm on the "income contingent" payment plan.

 

[VanTrekker]

<p>Hi,<br /><br />I am not sure if the rules&nbsp;have changed or not.&nbsp; I did hear there was a revision to the program...&nbsp; Your best bet would be to call the student loan people directly for an answer.&nbsp;&nbsp;<br /><br />If memory serves, I was&nbsp;making $24,000 a year and it was easy to qualify for the program.&nbsp;&nbsp; I had $45,000 in loans.&nbsp; That doesn't sound like a lot of money but it is a nice income for a vandweller.</p><p>VT</p>