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College and University Discussion
Reply to "Have plenty in 529, but still taking out loans "
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[quote=Anonymous]I would like to remind everyone that the federal government already has a program for student loan forgiveness. You make payments equal to 10% of your discretionary income (15% in some cases) for 20 years (25 in some cases), and your loans are forgiven. That's it! You can, of course, pay more and possibly be done in 10 years For some borrowers, they will qualify for shorter terms, such as 10 years for qualifying "public service" jobs (I qualified for this). But the broader 20-year forgiveness is available to almost everyone There were some hiccups to the program early on, but these are mostly being fixed by the Biden administration as the first wave of PSLF borrowers become eligible. By the time the first 20-year payers are eligible, it will mostly work fine. https://studentaid.gov/manage-loans/repayment/plans/income-driven [/quote]
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