Quote:
Originally Posted by Lanny_McDonald
That exists. It's called Public Service Loan Forgiveness and is a program designed to get people into jobs like police, fire, teachers, civil service, and non-profits which provide for the public good. In this program you make 120 payments (10 years) in an approved program and after that period you can have your loans forgiven. Recognize that most of PSLF requires you be enrolled in an income based repayment play, which calculated your payment at 10% of your discretionary spending, which can be a big payment. Most people will exceed the principle amount over that decade, yet have not even scratched the actual principle of the loan. It is a huge benefit and why people will continue to work in public service, for less money, because they have that light at the end of the tunnel. Too bad that under DeVos less than 2% of people who submitted for forgiveness were approved. The government has to live up to their end of the bargain and unfortunately they have not.
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I'm down visiting a friend in the US right now who has just completed her requirements to qualify under this program (10 years) and I know she basically wept and thought it was some sort of hoax that there was an actually a zero next to her balance owed..the amount she owed makes me nervous to even think about- they are still awaiting her husband's notification as he was in the same scenario