Has anyone received student loan forgiveness?

Lead Pipe

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I have about $1,400 left on my student loans and have always paid them on time. I'm wondering if it's possible to get student loan forgiveness? I heard Obama did something a few years ago and also heard you can negotiate it down if you pay it off. Has anyone done this? I wouldn't mind paying it off soon if they can cut the amount down.
 

Lord Tin Foilhat

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Doubt it. It's hardly "loan forgiveness" and probably is used by very little people due to the requirements. It's a fucking joke.

But you could always call your loan provider and see if they will make a deal. Just make sure to get it in writing that everything is paid in full at the lower amount.
 

muskie

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The only "loan forgivness" I know of works like this. Remember, this only applies to Fed loans

1) Sign up for income based repayments, work 10 years at a non-profit. As long as you make all payments on time and in full (as calculated by income) the balance is forgiven

2) Same stipulations as above, but you can work private sector for profit jobs. 25-year on time payments balance is forgiven

3) Work in a low populated/low income area as determined by the state/fed for 5 years. This is usually things like doctors, dentists, social workers, etc. So you might be in small town Wyoming with 2,000 people working for $30k a year. But do that 5 year stint and the balance is forgiven.

Currently my fiancee has a TON of student loan debt and we are banking on option 1. 8 more years of making dick in non-profits though
 

Yaj Yak

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If you are employed by a government or not-for-profit organization, you may be able to receive loan forgiveness under the Public Service Loan Forgiveness Program .
https://studentaid.ed.gov/sa/repay-loans/forgiveness-cancellation/public-service

The Public Service Loan Forgiveness (PSLF) Program forgives the remaining balance on your Direct Loans after you have made 120 qualifying monthly payments under a qualifying repayment plan while working full-time for a qualifying employer.

Why pay for help with your federal student loans when your loan servicer will help you for FREE? Contact your servicer to apply for income-driven repayment plans, student loan forgiveness, and more. Learn more about loan servicers.


fucking bullshit to me really... because it's not like the money is just poooof appearing. taxpayers are taking the dick kick of huge student loans.
 

BrianG

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The only "loan forgivness" I know of works like this. Remember, this only applies to Fed loans

1) Sign up for income based repayments, work 10 years at a non-profit. As long as you make all payments on time and in full (as calculated by income) the balance is forgiven

2) Same stipulations as above, but you can work private sector for profit jobs. 25-year on time payments balance is forgiven

3) Work in a low populated/low income area as determined by the state/fed for 5 years. This is usually things like doctors, dentists, social workers, etc. So you might be in small town Wyoming with 2,000 people working for $30k a year. But do that 5 year stint and the balance is forgiven.

Currently my fiancee has a TON of student loan debt and we are banking on option 1. 8 more years of making dick in non-profits though
x2. Wife is working through option number 1 working as a Cook County States Attourney. Her loans were all consolidated under a federal loan several years ago with a payment that is income based.
 

OffshoreDrilling

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sticking it out at a shit paying job to save money on a student loan is the most ass backwards thing i've heard of. why the fuck even go to school to work some crap menial job you aren't appreciated at? go work in private sector at a competitive wage, advance your career and not throw away 10 years because of a loan? it's one thing if you're working at a non profit because that's something you believe in.
 

Yaj Yak

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sticking it out at a shit paying job to save money on a student loan is the most ass backwards thing i've heard of. why the fuck even go to school to work some crap menial job you aren't appreciated at? go work in private sector at a competitive wage, advance your career and not throw away 10 years because of a loan? it's one thing if you're working at a non profit because that's something you believe in.

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Grabber

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I sense some liberalism here. :)

Not sure, but, I believe this is based on how much you make and how much is left on your loan. At this point, as someone else said, they do not stand to gain much off of such a small amount left.

I may try to get the wife to finish off her 20K in loans, even though she makes big bucks. Hehe.
 

boostedguy05

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sticking it out at a shit paying job to save money on a student loan is the most ass backwards thing i've heard of. why the fuck even go to school to work some crap menial job you aren't appreciated at? go work in private sector at a competitive wage, advance your career and not throw away 10 years because of a loan? it's one thing if you're working at a non profit because that's something you believe in.

i can see doing that for also the job expierence. depending on the field.
 

willizm

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Honestly with only $1400 left in student loans I see too much risk in you getting fucked over with fee's and interest charges if you try to go a forgiveness route than just paying off the small remaining balance. Now if you were $100k in student loan debt like a few of my friends, I'd be more apt to say it's worth looking into. From what I understood educational loans are the only loan that you can't shake via any form of bankruptcy.
 

muskie

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sticking it out at a shit paying job to save money on a student loan is the most ass backwards thing i've heard of. why the fuck even go to school to work some crap menial job you aren't appreciated at? go work in private sector at a competitive wage, advance your career and not throw away 10 years because of a loan? it's one thing if you're working at a non profit because that's something you believe in.

The problem my fiance has working in the mental health field is that most of these organizations are state funded. There are specific lisensure and time practicing requirements before you can start your own practice. Pretty hard for an organization like hers to make money when literally all of their clients get free services.

Even in the mental health field private sectors jobs pay shit. Insurance companies are not paying out for services they used and that some of the individuals require. Most people that require the services can't work, are homeless, and have huge other medical issues. She has her own team of 5 people and that team manages 300 or so members. Even as a manager she is only making $40K.

Now get to the real crux of the issue. Once she starts earning more, she has to pay more. Like exponentially more. It makes sense for her to work at a non-profit for less money as she pays a mangeable amount for someone earning $40K per year.
 

Lead Pipe

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pay that shit down ASAP, don't get raped by interest drawing the loans out for 10+ years. that's a cheap car payment a month to make it disappear in 5 years. An expensive car payment in two

I graduated 9 years ago so it's a little late for that, lol. At this point I'll stick it out for another couple years of $65/month payments.
 
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