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Post by cindyupnorth on Jun 16, 2016 17:48:58 GMT
Does anyone have experience with getting their Federal college loan deferred, or excused because they work for a non-profit government work place? We had heard this was a possibility. DD just recently started working for one.
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Deleted
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May 4, 2024 13:34:21 GMT
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Post by Deleted on Jun 16, 2016 17:51:47 GMT
My daughter works for Vista (Americorp) They pay a set amount of her college loans after a year of working. What is paid, deffered or written off depends on who you work with. The military paid off the ex's school loans.
eta: your daughter's employee information should have the specifics spelled out in the benefits section.
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Post by oliquig on Jun 16, 2016 19:12:54 GMT
My daughter works for Vista (Americorp) They pay a set amount of her college loans after a year of working. What is paid, deffered or written off depends on who you work with. The military paid off the ex's school loans. eta: your daughter's employee information should have the specifics spelled out in the benefits section. Sorry for the tangent, but my niece is interested in volunteering here after she graduates high school, but before college for a year. What's your take on the program?
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Post by cindyupnorth on Jun 16, 2016 19:15:19 GMT
There is nothing spelled out in benefits. It's a small public library system. We wondered if there was some federal prog.
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Post by anxiousmom on Jun 16, 2016 19:18:56 GMT
My sister did-but through Teach for America. I want to say that there are only specific non-profits that participate in the loan pay-off program. I also think that teaching in some low-income, high need areas qualify as well.
Maybe a quick call to Human Resources or her loan originator can help?
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scorpeao
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Jun 25, 2014 21:04:54 GMT
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Post by scorpeao on Jun 16, 2016 19:49:32 GMT
Here ya goIt's not immediate. She has to make sure her employer fits the requirements, she has to work there for a while, and she has to make 120 on time payments. Individual employers may have their own program, but this is the federal program. ETA: I could be wrong, but I'm pretty sure that any amount forgiven is then considered income by the IRS. At least that's what I remember learning when looking into this for myself.
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Post by **GypsyGirl** on Jun 16, 2016 20:00:05 GMT
Here ya goIt's not immediate. She has to make sure her employer fits the requirements, she has to work there for a while, and she has to make 120 on time payments. Individual employers may have their own program, but this is the federal program. ETA: I could be wrong, but I'm pretty sure that any amount forgiven is then considered income by the IRS. At least that's what I remember learning when looking into this for myself. Per your link, the amount forgiven is not considered income. Having no experience with student loans, I found it mind boggling that they had to make 120 payments (10 years!) before having the rest of the loan forgiven. How long do most students take to pay off their loans? To have those loans hanging over their heads for so long must be a heavy burden. Save
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Post by jesslee on Jun 16, 2016 20:06:28 GMT
My daughter works for Vista (Americorp) They pay a set amount of her college loans after a year of working. What is paid, deffered or written off depends on who you work with. The military paid off the ex's school loans. eta: your daughter's employee information should have the specifics spelled out in the benefits section. Sorry for the tangent, but my niece is interested in volunteering here after she graduates high school, but before college for a year. What's your take on the program? To answer your questions on AmeriCorps. I was a member for over a year and it was best thing! I wanted to go into the PeaceCorp but since I had children it was not an option for me. So AmeriCorp was perfect. It was a wonderful experience and I met some wonderful people. I say go for it! Feel free to message me if you have any questions.
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Post by Basket1lady on Jun 16, 2016 20:40:58 GMT
Here ya goIt's not immediate. She has to make sure her employer fits the requirements, she has to work there for a while, and she has to make 120 on time payments. Individual employers may have their own program, but this is the federal program. ETA: I could be wrong, but I'm pretty sure that any amount forgiven is then considered income by the IRS. At least that's what I remember learning when looking into this for myself. Per your link, the amount forgiven is not considered income. Having no experience with student loans, I found it mind boggling that they had to make 120 payments (10 years!) before having the rest of the loan forgiven. How long do most students take to pay off their loans? To have those loans hanging over their heads for so long must be a heavy burden. SaveI don't remember how much was left, but I paid mine off early 10 years after graduating. For some reason, I do remember the payment amount, which was $102 a month.
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vanessa
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Sept 15, 2015 4:25:10 GMT
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Post by vanessa on Jun 16, 2016 20:41:37 GMT
Any AmeriCorps or Vista member can have their student loans deferred due to their participation in National Service. I was an AmeriCorps member and a Vista as was my daughter. The orientation should have taught them how to defer their loans for the duration of their service. If not, look at myamericorps.gov for more information or simply call them. I still have like 3k of Vista money to use for my college classes. My daughter will graduate from college soon and has used the money for her books, health fees, etc. message me if you need more info.
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Peamac
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Post by Peamac on Jun 16, 2016 21:15:18 GMT
I have a doctor friend who had the rest of his med school loan paid by moving to a less-populated area that needed doctors. I don't know how much he had paid off before the move, but he really likes the small town rural area he lives in.
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Post by hollymolly on Jun 16, 2016 21:23:36 GMT
Having no experience with student loans, I found it mind boggling that they had to make 120 payments (10 years!) before having the rest of the loan forgiven. How long do most students take to pay off their loans? To have those loans hanging over their heads for so long must be a heavy burden. Save At the time of my divorce, my ex had been paying on student loans for at least 20 years, and still owed well over $50,000, possibly over $60,000, I can't remember anymore. He truly believed that he was never going to be able to pay them off. There was a time that the student loan payment was higher than our mortgage. I know it made him feel trapped and hopeless.
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Deleted
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May 4, 2024 13:34:21 GMT
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Post by Deleted on Jun 17, 2016 0:31:41 GMT
My daughter works for Vista (Americorp) They pay a set amount of her college loans after a year of working. What is paid, deffered or written off depends on who you work with. The military paid off the ex's school loans. eta: your daughter's employee information should have the specifics spelled out in the benefits section. Sorry for the tangent, but my niece is interested in volunteering here after she graduates high school, but before college for a year. What's your take on the program? My take is it can be a really good program that gives the teen/young adult some real life expereince. But, like any job it can be a bad choice due to any individual supervisor. I would say it is worth looking into and giving it a whirl.
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Post by tracym1 on Jun 17, 2016 1:03:18 GMT
I'm in some librarian groups where the loan forgiveness thing is discussed. It's my understanding that many loans don't qualify. Definitely look into the guidelines - maybe your daughter's school could provide some guidance.
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scorpeao
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Posts: 4,521
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Jun 25, 2014 21:04:54 GMT
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Post by scorpeao on Jun 17, 2016 1:12:57 GMT
Here ya goIt's not immediate. She has to make sure her employer fits the requirements, she has to work there for a while, and she has to make 120 on time payments. Individual employers may have their own program, but this is the federal program. ETA: I could be wrong, but I'm pretty sure that any amount forgiven is then considered income by the IRS. At least that's what I remember learning when looking into this for myself. Per your link, the amount forgiven is not considered income. Having no experience with student loans, I found it mind boggling that they had to make 120 payments (10 years!) before having the rest of the loan forgiven. How long do most students take to pay off their loans? To have those loans hanging over their heads for so long must be a heavy burden. SaveWell, I graduated in 2003 and I'm still paying those loans! Maybe the income is when the government forgives the loan after paying for 25 years.
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Post by *leslie* on Jun 17, 2016 1:36:17 GMT
I heard of student loans being forgiven if the person goes into public service. For example, law enforcement, firefighting and nursing. 120 payments with no missed or late payments was a requirement.
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Post by cindyupnorth on Jun 17, 2016 1:43:28 GMT
I'm in some librarian groups where the loan forgiveness thing is discussed. It's my understanding that many loans don't qualify. Definitely look into the guidelines - maybe your daughter's school could provide some guidance. Almost positive the school would have no clue.
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Deleted
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May 4, 2024 13:34:21 GMT
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Post by Deleted on Jun 17, 2016 2:07:53 GMT
I'm in some librarian groups where the loan forgiveness thing is discussed. It's my understanding that many loans don't qualify. Definitely look into the guidelines - maybe your daughter's school could provide some guidance. Almost positive the school would have no clue. Try starting here: studentaid.ed.gov/sa/repay-loans/forgiveness-cancellation/public-service
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Post by cindyupnorth on Jun 17, 2016 2:30:16 GMT
Thanks Volt
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leeny
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Post by leeny on Jun 17, 2016 3:00:24 GMT
I just enrolled, having worked in government, and now non-profit. Just be sure you don't get snowed by a service that want's to charge you for the service.
I had my employers complete the form, I faxed it in and received the reply by mail. The Fed loan people will manage your loan and track the payments. I think I am just at the cusp of the first group of this program as I graduated college (late in life) in 2007.
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Post by cindyupnorth on Jun 17, 2016 3:01:45 GMT
Yea, it sucks that it looks like she has to pay IN for 10 years, then can try and get the rest deferred.
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