Can i try to get a forgiveness loan even though i am no longer going to college?

[Lorena Rodriguez]

Long story short life is not as easy if your parents didnt go all the way to a college
i had to quit college and i dont know when i will go back
i am now working and get paid like about 300 a week which is not GOOD AT ALL
i am helping my parents pay bills and even with my help nothing is working out
so i thought i can get a forgive ness loan but i dont know if i need to be going to college
i really need it!! and if any one can helpp i will be so glaaadd!!
i am not going to be able to pay the loan i owe and trying to maybe get a FORGIVENESS LOAN will make my life easier

please if you can advice me send me a email at rodrilore@ymail.com
or find me on facebook with the same email thanks alottt

[ESTRELLA]

There is no such thing as a forgiveness loan. A loan by definition means it must be paid back. What you can do is contact your Student Loan Servicer, this is the company handling your repayment, and ask what type of repayment plans they have. Here's some Information on the different type of repayment plans. You may also qualify for a forbearance or deferment. Ask the Servicer about one of those too.

Once your federal student loans go into repayment (after you graduate or drop below
half-time enrollment), you will have several options for repaying them. You also have
the option to change repayment plans once each year by contacting the Direct Loan
Servicing Center.

Standard
The standard plan allows you to pay the same amount each month, with up to 10 years
to repay. Your monthly payment must be at least $50. Example: 6.8 percent interest for
10 years ï‚ž $11.51 monthly per $1,000 borrowed.

graduated
Your payments start out low (as little as interest only) and gradually increase over time,
with up to 10 years to repay. Example: 6.8 percent interest for 10 years ï‚ž $5.67 monthly
per $1,000 borrowed for first two years, then $13.53 per $1,000 for remaining eight years.

extended
This plan is for outstanding student loan debt greater than $30,000. Payments can be
fixed or may gradually increase over time, with up to 25 years to repay. Example: 6.8
percent interest for 25 years ï‚ž $6.94 monthly per $1,000 borrowed.

income -based
Payments are 15 percent of your discretionary income (your taxable income minus 150
percent of the poverty level). Payments can be as low as $0 and unpaid interest may be
subsidized by the federal government for up to three years. After 25 years of qualifying
payments, any remaining balance will be forgiven and considered taxable income. To
determine eligibility and your monthly payment, visit http://www.edfund.org/calculators/IBR.

income -contingent
Each year, your monthly payments
will be calculated on the basis of your
adjusted gross income (plus your
spouse’s income if you’re married),
family size, and the total amount of your
Direct loans. You will pay each month
the lesser of:
• The amount you’d pay if you repaid
your loan in 12 years multiplied by an
income percentage factor that varies
with your annual income, or
• 20 percent of your monthly
discretionary income.
If your payments are not large
enough to cover the interest that has
accumulated on your loans, the unpaid
amount will be capitalized (added to
your loan balance) once each year.
However, capitalization will not exceed
10 percent of the original amount you
owed when you entered repayment.
If you haven’t fully repaid your loans
after 25 years (time spent in deferment
or forbearance does not count) under
this plan, the unpaid portion will be
discharged. You may have to pay taxes
on the amount that is discharged.
As of July 1, 2009, graduate and
professional student Direct PLUS loan
borrowers are eligible to use this plan.
Parent Direct PLUS loan borrowers are
not eligible.

See all your loan repayment options
in one place, and calculate what your
payments will be, at
http://www.edfund.org/LoanCalculator.