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Help determining if eligible for loan forgiveness

Started by Mlippmann, December 25, 2016, 09:26:29 am

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Mlippmann

Looking for some help determining if my two consolidated loans are eligible for forgiveness now.  Here is some background:

  • Graduated college in '93 with a bachelors degree

  • Student load debt of ~$24,000

  • Struggled to pay due to job issues causing balance to rise over next several years to ~$50,000

  • Consolidated loans through SallieMae (now Navient) into two loans in 2001 (8.24% interest)

  • Used up all forbearance options at various points.

  • Repayment plan for two consolidated loans are: "Extended Repayment Graduated - 2 years interest only"

  • Been paying on these consistently since 2001

  • Income is now at level where making the scheduled payments is somewhat easy however progress in paying down the balance is very slow with payoff in 2032



So, my questions are:

  • Are these loans are eligible for foregives as they stand now?

  • Does the "Extended Repayment Graduated - 2 years interest only" repayment plan qualify as one on the plans (ICR, IBR, etc.) needed for forgiveness?

  • What do I need to do next?



I'm at a point where I could pay off a large chunk (~60%) of the balance now.  However, if I'm eligible for forgiveness now or in the near future I'd take that money to pay the income tax burden instead.

Thanks in advance!

TheCollegeInvestor

For your questions:
1. No, there are no forgiveness options based on what you said here
2. The extended repayment plan doesn't offer forgiveness at the end. It is designed to fully pay off the balance by the end.
3. Repay your loans, especially because you say "it's somewhat easy" now

Here are the top ways to get forgiveness: https://thecollegeinvestor.com/578/ways-to-get-student-loan-forgiveness/