People, including my accountant, told me to look into filing for forgiveness.
Does this pertain to me as a parent?
I cant retire because of these loan payments.
Is there something that can be done now that my income is substantially lower?
The income-driven plan feels like a loan shark.
The interest is 7.64% does the government need to make such a substantial profit?
Im only paying monthly minimums, so I actually owe more than I borrowed!
Its very disheartening that I wont have these loans paid off until 2042 Ill be 91!
If I pass away first, are the loans forgiven?
Will My Debt Die With Me?
Dear Will,
Folks are giving you incorrect information, but with seeds of reality.
Youll be eligible to apply for forgiveness of any remaining balance after making monthly payments for 25 years.
Loans in that program are eligible for forgiveness after 10 years.)
You should be able to get lower monthly payments by reporting your reduced income to your student loan servicer.
You canfind your loan servicer through StudentAid.gov.
A final note: The federal government doesnt actually make a profit off of student loans.
The interest we pay is used to cover the costs of administering loan programs i.e.
With recent pandemic-era complexities, student loan programs have indeedcost our government moneyrather than generated revenue.
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No Interest Til Almost 2027?
Balance Transfer = Credit Card Cheat Code
