Banking on Student Loan Forgiveness? Do this.

This CNBC Money article has up-to-date advice on how to be sure your forgiveness plan will work:

  1. Make sure you’re in a William D. Ford Direct Loan Program — the key word is “direct.”  You may be able to consolidate other federal loans into a direct loan.
  2. You must be in an income-driven repayment plan.  Graduated & extended plans don’t qualify.
  3. Your employer must qualify: government at any level, 501(c)(3) nonprofits and some others.
  4. Forgiveness is only available after 120 payments, not necessarily consecutively.
  5. Submit the Employment Certification Form annually.  See here.  While not required, it may head off problems.

Call or email if you want to talk about the implications for your personal financial plan!



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