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Loan Forgiveness Student Loans

Gertrude Said:

How does one actually apply for Public Service Loan Forgiveness Program for student loans?

We Answered:

You're having trouble finding the application info because it hasn't been created yet. I'm not sure if you are aware, but this program wasn't even created until October 2007. You may not also be aware that qualifying for the program requires that the applicant first make 120 consecutive loan payments - ten years. Because of that requirement, the earliest that anyone could possibly become qualified for loan forgiveness under this program is in late 2017, or early 2018.

Here's a Q&A that answers your question:

Q. 2. How do I sign up for this program?
• There are currently no details on signing up for the program.
Borrowers must be in a qualified repayment plan in the Direct Loan
program to be eligible.
• Since the earliest that borrowers can take advantage of public
service loan forgiveness is 2017, application procedures may not
be immediately available. Borrowers should visit the U.S.
Department of Education’s Web site for more information at:…

You can find that - and a lot more information about the program here:…

I hope that helps!

June Said:

Can there be student loan forgiveness for moms who decide to stay home to raise their children?

We Answered:

Would this apply to all stay at home moms? Im a stay at home mom with no income of my own. Would i qualify? Now my husband has an income. He makes just over $112k a year from a trust fund. He owns 4 income properties. He recieves another $75k from disability insurance (private insurance NOT SSI) at the moment. Would i still qualify? Im still a stay at home mom with no income of my own. This is one major problem with the idea of loan forgiveness for stay at home moms. It would be ridiculous to allow someone with my household income to not pay a loan. And this isnt even touching the fact that all of us have the option of working or staying home. For those of us who choose to stay home we still have to be responsible to our debts. If we give special treatment based on being a stay at home mom we do a HUGE disservice to the working moms who struggle with bills. If anyone should be given debt forgiveness it should be people like Johnny's Mommy who work damn hard outside the home and struggle with bills because of a father who doesn't pay regular support or not enough, plus raise a good child after work. Those of us blessed enough to be able to stay home don't deserve more breaks in life while good people like that struggle.

Todd Said:

Why is the cost of tuition soaring and yet movements against student loan forgiveness is oppossed?

We Answered:

First, the cost of EVERYTHING is skyrocketing..............but think about it, a college education is a sound investment, like buying a house, you'll reek it's benefits for the remainder of your life.........and prices go up based on supply and you invest 120K and your potential for earning enough 2 repay it and live comfortably is what you's worth it...............Also, it it acceptable for the movement to forgive even part of the student loans is so manipulated i.e. loan forgiveness was initially set up so that people willing to give back to the less fortunate..........(a person who is eligible for loan forgiveness, has committed to teaching in the inner-city school system for a # of years or setting up a community based program that will enhance the community).........................Again… the bad rep has been earned...........because folks breach their committment to give back...................there is no reason 2 forgive loans if there is no benefit to anyone else but the student..................hope this makes a little sense to you...................good luck!

Mathew Said:

Is a student loan with citibank eligible for loan forgiveness?

We Answered:


The answer to your question doesn't depend on who your lender is, the answer depends on what type of loan you have with that lender.

If Citibank provided you with Stafford or Perkins loans, as part of the Federal Student Aid program, then yes, you may be eligible for the loan cancellation/forgiveness program.

If Citi provided you with private, non-government loans, then the answer, unfortunately, is no.

If you have a Perkins loan, you may be eligible for an out-and-out cancellation of the loan - provided that you satisfy all of the program requirements. Qualifying for a complete cancellation requires several years of service - in fact, it will take 5 years of full-time employment to have the entire loan amount canceled. Of course, you'll have to make payments for those 5 years, while you're satisfying the requirement, so only the balance remaining after 5 years of payments will actually be paid off.

The Stafford program isn't a cancellation program - it's a forgiveness program - which means you can't have your entire loan wiped clean. Instead, there's a maximum of $17,500 of forgiveness available to you. Again, there's a LONG list of qualifications - including, again, 5 years of continuous service.

For more information on both programs, you can visit the US Department of Education's Student Aid on the Web site here:…

and here:…

Check your loans and make sure you have a Perkins or Stafford - then check those two pages for all the details. Good luck - I hope this helped!

Leah Said:

where do i go to get info on student loan forgiveness if I work for a non for profit organization?

We Answered:

This link talks about loan forgiveness for public service employees and employees of certain non-profits. Hopefully you will find information here:…
It's under the "Employment" paragraph about who is eligible. Good luck!

Georgia Said:

Working for a non-profit community college, at any capacity, qualify for student loan forgiveness?

We Answered:

yes. possible. write in

Danny Said:

Pay off student loans within 3 years or stretch them 10 years and qualify for public service loan forgiveness?

We Answered:


The interest saved by paying the loan off in 3 years will more than make up for any amount forgiven by your employment in a public service profession.

If you were already planning for a career in public service - good for you - and far be it for me to discourage you from pursuing that path.

If you weren't sold on a career in public service - don't forget that the private sector pays far more in almost every instance.

I love numbers, so let's look at an example:

Paying off $50,000 at 6.8% interest over 3 years will require a monthly payment of $1539. After you make 36 of those whopping payments, you will have repaid $55,414 - which is only $5,414 in interest.

Paying off that same $50,000 at 6.8% over 10 years requires a monthly payment of only $575. On the other hand, you'll pay $69,048 in total - that's $19,000 in interest - and 14 grand more than you'd pay on the 3 year plan.

Your decision to participate in the public service forgiveness plan will not save you $14,000. Your decision to make the payments in 3 years will. If you can afford to make $1500 monthly payments - that's the far better option.

Good luck!

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