Student Loan Forgiveness
Federal student loans can be forgiven. However, this is not a quick fix. It takes several years of repayment before the student loan is eligible for forgiveness. Some of the forgiveness programs even allow for the forgiven balance to be tax-free.
There Are Options For Student Loan Debts
There are several options available for student loan forgiveness. Most of the plans allow for forgiveness after a specified repayment period. Others allow for shorter repayment periods if you meet certain criteria. Contact us at 920-659-5606 and student loan attorney Timothy J. Helbing to discuss if you qualify for any of the student loan forgiveness programs.
Generally, a borrower must be in an income-based repayment plan to qualify for student loan forgiveness. Most of the plans allow for forgiveness after 20-25 years of repayment. However, some plans allow for shorter repayment terms for public service employees, such as teachers. The amount forgiven depends on the original loan amount, your income and how much your income changed during the repayment term. Additionally, it is important that your student loan is not in default status. Student loans in default status do not qualify for loan forgiveness.