Student Loan Forgiveness: What You Need to Know

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I'm over 40, I have been paying student loans since 1991. I heard there is or will be a forgiveness program for someone like me, people over 40, is there any information about this? Do I need to contact my lender to find out?

Liz of CA 7:49PM July 27, 2009

For people over 40, student loans are a bad idea, yet when you are desperate trying to learn new skills and find a new career, you don't have a lot of choices. Student Loans can appear ideal for low to no income exworkers who have lost their jobs but if you look closely at the Repayment formula most students will never make eneough to pay off their loans: unless they forego marriage and family, buying a house or a new car and don't get sick or lose their job.

tim of OH 7:14AM July 11, 2009

how would this help me with my childrens loans i'm unable to work but i want to help pay for their loans so they don't have bad credit how do you apply for this forgiveness loans program

macky of NY 5:20PM July 05, 2009

I will be retiring and living on Social Security benefits. I have $66K in student loans. Am I eligible for loan forgiveness? What are the requirements?

Kathy of CO 10:47AM July 04, 2009

My loans are in default and I was told this would not apply to help me. I only borrowed $25K and now the balance is $98K with interest and penalties.
I have been unemployed for the last year and regularly make about $15K a year. The government collection agency said the only payment they will take is a lump sum of $60K or monthly payments of $1400.
So for those of us who are hurting the most this plan does not help us at all.

Stephen of IL 9:38PM July 01, 2009

I have two daughters who just graduated from 4-year undergraduate degrees and now are applying for graduate schools. Aside from their own student loans, I accumulated almost 100,000 of financial student federal loans for them just to find out that all the interest amounts paid yearly towards these loans for 10 years, the IRS only allows you to deduct like 1.5% yearly.
This is so unfair. The government should be more generous than that that the fact they should be thankful for parents like us who are not dependent on government free grants and instead spends almost 50% of our dual earnings to pay for our children's education.
Can the congress or the IRS change their laws and policies to increase the interest allowed for deductions.

Wanda Alleje of CA 8:10PM July 01, 2009

I have worked as a Teacher and in the Non-Profit sector but don't make enough to pay the amount Sallie Mae wants. They continue to ask for the GROSS BEFORE taxes to determine how much I can pay each month. Why would they ask for GROSS BEFORE taxes? I have a mortgage, car note, medical insurance. After all is taken, I barely have enough to eat. Gross is not realistic. I am willing to pay but lets be REALISTIC! I DON'T MAKE THAT KIND OF MONEY! Why are they allowed to continue to get away with this??????!

GAKA of GA 2:32PM June 22, 2009

It seems there's always congressional money for other less important matters except for helping the citizens of this country instead of helping greedy companies our government should help those who acquire debt by receiving a college degree. Those who receive degrees in order to attain better jobs create a more stable economy for themselves and the average taxpayer. In other words school should be free for all those who are willing to sacrifice their time and effort for a better life we should encourage more people to go to school without the fear of massive debt.

GMan of TX 11:42AM June 17, 2009

I HAVE TWO SON'S GOING TO A VERY GOOD COLLEGE IN CONWAY, AR.
EVERY YEAR RHE TUTION GOES UP. I THOUGHT WHEN THE APPLIED WE WERE GOING TO BE ABLE TO HELP, I HAD OPEN HEART SURGEY AND FOUND OUT I HAVE SEVERAL OTHER HEALTH PROBLEMS. I WANT THE BEST FOR MY KIDS, BUT WHEN LIFE THROW YOU A BAD BALL, WHAT ARE YOU TO DO? THEY LOVE THEIR COLLEGE, BUT THE TUTION IS TO HIGH AND IF THEY ARE GOING TO BUILDING ALL THOSE NEW BUILDING AROUND THEM, WHY NOT LET THE STUDENT'S MAKE A GOOD SALARY.

LSTEGALL of AR 4:01PM June 11, 2009

The government offers low rate loans and then people complain when they borrow too much... One option for some may be consolidation, of either federal or private student loans. Companies like Wells Fargo, www.StudentLoanConsolidaotr.com or Chase offer a variety of consolidation loan programs for recent graduates. One consideration, don't consolidate federal loans until after July 1, 2009 as rates are going down (at least for some of you who still have variable rate stafford loans).
Forgivenees is not really a viable option for most. Find a job and start paying your loans off, higher rate loans first (private) then the Stafford loan last...

Edvisor of MA 4:35PM June 09, 2009