Student Loan Forgiveness: What You Need to Know

I have 3 student loans for a school i went o in 1997. I am now in default, and now they are threating to take my wages. I am a single parent who works part time, and recieve public assistance. I am trying my hardest to get my bills back on track. I was wondering if there was any loan forgiveness programs that i qualify for, and how i go about doing so.

My contact number is 209-817-9184

Thank you, jessica maddox

Jessica Maddox of CA 7:39AM March 26, 2010

I enrolled into the Art Instituted Of Philadelphia...that was a big mistake for me. Before I signed for any type of Loan I ask the woman, does this school work with People with a learning disablty. Her answer was yes we have ppl on campus to help you with your student anytime you need them. I said to her can they help me I have a LEARNING DISABLETY. She still said yes. I even had to go to my high school and get paper work on the type of Learning disablty I had. I was in LD classes from the time I was in 2nd grade. So because I beleived her I signed my life away. Well I start school and everythig is going okay until I need a tuidor. I request for some help with my work and for that special Person who works with people like me...and guess what! They didnt have anyone who could help me. They had other students who volunteered there time to tuidor other student. This was not helping me because I still was not understanding what this kids who was younger then me was trying to teach me. I was kicked out because I could not pass my Algebra classes. I failed them 3 times and the school put me out.

Now you tell me who should pay back the loans? I went for Interior design I passed all of those classes but just could not pass the Basic math classes.

alaya of PA 3:51AM February 24, 2010

kathy, are you being real??? are you in some way far off lala land?? if they just want 9k on 24 yrs old loan that was around 2.5k i hope that you tell them thank you and pay it back asp. That mean that they have only charged you around 270 per year! Your really out of realistic picture...Please ask them on how to do it for me`:))

Roman of IL 10:27AM December 10, 2009

SLG - I think there is merit in incenting people to do not-for-profit work. I agree that these are loans, but coming out of school with 4 times what your annual income (e.g. many attorneys) does not make it easy to go into work that helps society. I would hope you didn't need to spend 125-150k to get a teaching degree (since any public school will do the trick), so I'm not sure you can completely relate to someone with true "hefty" debt. Thank you to the people willing to take the risk of large student loan debts to do work for the least fortunate.

ON THE FLIP SIDE...Kathy - seriously? You owed $2500 and you didn't make an effort to pay that off? If all they want is $9000 you are getting a sweet deal. 24 years ago, that 9000 grand was worth around $4000. Over 24 years, an additional $1500 in interest equates to around 2% interest compounded annually. Sign me up!

My own philosophy...I've taken out student LOANS as an investment in my future. In other words, I have chosen to study and be employed in fields that actually have a demand. I am constantly reinvesting in my skills and I make a higher than average, but not ridiculously high, salary and I plan on continuing to add to that salary slowly over time, and reinvesting if needed. I have more debt than some of my "I won't borrow for school, but I will borrow for a new car" friends - but I also have more job satisfaction and I have more flexibilty because my income is higher. I have higher credit limits and can move my finances around more freely because the money is there to move around.

My opinion on this program? It is a good way to help smart people help other people that are less fortunate. Don't worry, it won't help someone that only owes $5k and it won't help someone that makes $100k...the repayment is based on income, not loan balance.

AML of CA 2:46AM November 29, 2009