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Old 04-17-2013, 04:36 PM   #1
Lance Neumeyer
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Student Loan Forgiveness

I know there's a lot of police, fireman, military, nurses, teachers, etc. on here, so I thought I'd try and help some of you out.

A few years ago, the Dept of Education came out with a few loan forgiveness programs. Here's the general info and a link to find out more for each. Feel free to ask questions and I'll do my best to try and help you.

Teacher Loan Forgiveness
Have to be a teacher at a Title 1 school
After 5 years of payments on your loans and teaching at a Title 1, you will qualify for either a $5k or a $17.5k forgiveness on your loans. This depends if you are considered a "highly qualified" teacher.
http://studentaid.ed.gov/repay-loans...charts/teacher (WFS)

Public Service Loan Forgiveness
- Must be at an eligible employer
- Eligible employers include any city, state, county, or Federal government employer; charity or non-profit organizations (except labor unions)
- Department of Education must be the lender
- Must be making payments based in the standard 10 year repayment plan, or either the Income Based or Income Contingent Repayment Plan
To see if you qualify for the Income Based plan use this DOE calculator: (WFS) http://studentaid.ed.gov/repay-loans...sed/calculator
To see if you qualify for the Income Contingent plan, use this calculator: (WFS) http://www.direct.ed.gov/RepayCalc/dlentry2.html
- Must make 120 monthly payments while meeting the above requirements
- Balance after the 120th monthly payment then goes to $0.00 and you’re done with your student loans
http://studentaid.ed.gov/sites/defau...-questions.pdf (WFS)
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Last edited by Lance Neumeyer : 04-17-2013 at 04:37 PM. Reason: spell-check
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Old 04-19-2013, 12:14 PM   #2
Brian Monk
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Re: Student Loan Forgiveness

Or you can pay back your debt like a responsible adult.

Debt is like fat, if you have it, and want to lose it...good ol' hard work and dedication is usually all it takes to lose it.
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Old 04-22-2013, 06:12 AM   #3
Kirk Dragsbaek
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Re: Student Loan Forgiveness

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Originally Posted by Brian Monk View Post
Or you can pay back your debt like a responsible adult.

Debt is like fat, if you have it, and want to lose it...good ol' hard work and dedication is usually all it takes to lose it.
I understand this sentiment and I don't think the OP is advocating trying to shirk your responsibility as a debtor. There are however many legal ways to get assistance on student loan debt and I don't see the issue with that. It's no different than getting a scholarship for school. It's just after the fact. BTW this is coming from someone paying off student loan debt in the high 5 figures and getting no additional help so I understand the burden of student loan debt and I also respect my responsibility to pay it off with or without help.
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Old 04-24-2013, 12:42 PM   #4
Daniel Dean
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Re: Student Loan Forgiveness

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Originally Posted by Brian Monk View Post
Or you can pay back your debt like a responsible adult.

Debt is like fat, if you have it, and want to lose it...good ol' hard work and dedication is usually all it takes to lose it.
Sweet high horse

Two things and then I'm out:

A. We're talking student loan debt (and only SL debt issued by the federal government at that), not credit card debt from the accumulating useless consumer goods. The U.S. is virtually the only first-world country in the world where you need to go rack up large sums of debt to get an education in the first place. It's an absurd system.

B. Unlike virtually every other form of debt, student loan debt can never be discharged in bankruptcy, ever. EVER. Only a fool would pass at a chance to make some of it go away.
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Old 04-26-2013, 05:59 AM   #5
Bill M. Hesse
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Re: Student Loan Forgiveness

Loans are taken by choice. If you take a loan expect to pay it back. If an employer or someone of the like offers to pay some of it or all of it as a condition of your employment, why not? If you want forgiveness because you took too much out, you did it to yourself. There are alternative options to your short sighted decision making. I don't have a lot of sympathy for people who take loans and then complain they have too much debt. No one made you take them. If you aren't paying your debt, someone is somewhere.
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Old 04-26-2013, 08:33 AM   #6
Kirk Dragsbaek
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Re: Student Loan Forgiveness

Quote:
Originally Posted by Bill M. Hesse View Post
Loans are taken by choice. If you take a loan expect to pay it back. If an employer or someone of the like offers to pay some of it or all of it as a condition of your employment, why not? If you want forgiveness because you took too much out, you did it to yourself. There are alternative options to your short sighted decision making. I don't have a lot of sympathy for people who take loans and then complain they have too much debt. No one made you take them. If you aren't paying your debt, someone is somewhere.
Not sure if this is directed at anyone commenting here since it only appears that someone was offering information for ways to get loan forgiveness. No one is complaining about loans or advocating not paying them back. You seem to agree that if someone offers to help pay it back then there's no problem taking the help.
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Old 04-26-2013, 09:05 AM   #7
Lance Neumeyer
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Re: Student Loan Forgiveness

This is not the direction I anticipated this conversation going at all...I simply thought I may be able to help some people save money with their student loans through programs they may not be aware of.

Silly me....
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Old 04-26-2013, 03:12 PM   #8
Eric Montgomery
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Re: Student Loan Forgiveness

Quote:
Originally Posted by Bill M. Hesse View Post
Loans are taken by choice. If you take a loan expect to pay it back. If an employer or someone of the like offers to pay some of it or all of it as a condition of your employment, why not? If you want forgiveness because you took too much out, you did it to yourself. There are alternative options to your short sighted decision making. I don't have a lot of sympathy for people who take loans and then complain they have too much debt. No one made you take them. If you aren't paying your debt, someone is somewhere.
In a lot of cases, loan forgiveness is used as a carrot to encourage people to take jobs that aren't exactly desirable and that can't pay large salaries. My wife is a marriage and family therapist, and she'd be eligible for partial forgiveness if she took a job doing therapy/counseling on a Native American reservation, in an inner city, or in a few other hard-to-fill positions. I'm far from a bleeding heart liberal, but I can see that there's some societal good in getting quality people in those kinds of jobs. Without offering something like loan forgiveness those jobs would often go unfilled, or they'd have to drastically increase the salary to get people in them....and a lot of those jobs are government funded, so we're all paying for it either way. A few years back the Marine Corps started offering loan reimbursement for people who went through OCS after college and served 4+ years on active duty....I don't see Lance's listings as being much different.
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Old 04-26-2013, 05:48 PM   #9
Bill M. Hesse
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Re: Student Loan Forgiveness

Employers offering it are fine in my opinion.
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Old 04-28-2013, 10:58 AM   #10
Andrew N. Casey
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Re: Student Loan Forgiveness

best solution is to cut it off at the source and stop giving out the loans in the first place... or better yet, for colleges or students to stop accepting them...
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