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The two of them believed that his remaining federal loans would be forgiven in 2017, based upon a 2007 law forgiving the remaining student debt for those that make 120 timely payments and work in pubic service for 10 years.
The email did didn’t make it clear why the past eight years of payments didn’t count towards forgiveness, but the likely explanation is that they were on the wrong repayment plan.
If there is an issue with your student loan plan, hopefully they will be able to bring it to your attention. This is the only way to be 100% certain that you are eligible.
Your loans are only forgiven once you have made 120 certified public service payments.
It isn’t an overly complicated process, but is is essential. If there is a problem, you will want to know as soon as possible.
If there isn’t, then you have your first chunk of certified payments on your way to 120.
This is another situation where a CFPB complaint can be very beneficial.Second, we will discuss the things that all borrowers should do to ensure that they don’t run into the same problem. Federal law sets out the requirements for public service student loan forgiveness, and if you don’t meet them, there isn’t much that you or your lender can do to help.If there is a bit of good news for the people trapped in this situation, it is the fact that they are not alone.Monthly payment amounts are based on your total loan amount – the more you owe, the higher your monthly payment will be.You'll pay less interest over time under this plan than under other plans.
As we approach 2017, the numbers of people who realize they don’t qualify will only grow.