Can i try to get a forgiveness loan even though i am no longer going to college?
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11-27-2012, 06:31 AM
Post: #1
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Can i try to get a forgiveness loan even though i am no longer going to college?
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 Ads |
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11-27-2012, 06:40 AM
Post: #2
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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  $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  $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  $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. Ads |
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