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Consolidating sallie mae loans and direct loans

consolidating sallie mae loans and direct loans-76

Any remaining balance is then eligible for forgiveness.As with IBR, your forgiven balance may be treated as taxable income.

Under current tax law, loans that are forgiven under this program can be taxed as income.Borrowers must make consistent payments for 20 or 25 years and update their loan servicers when their income changes.IBR is best for borrowers who expect to stay in low-paying fields but have high-figure debt loads.This step is helpful if you have Perkins or FFEL Loans.Plus, it simplifies your monthly payments, so you’ll only have one loan to pay each month.Professionals across a variety of fields can qualify for PSLF.

For this program, it doesn’t matter what your job is as much as where you work.

Organizations with a 501(c)(3) designation also qualify. Here are the loans that qualify for PSLF: To make sure you’re eligible for PSLF, submit the Employment Certification for Public Service Loan Forgiveness form.

The program requires this form for every year of service, so submitting it on an annual basis will help ensure you’re on track for PSLF.

While this isn’t a forgiveness program in the typical sense, you can get your loans forgiven through the Income-Based Repayment (IBR) program.

Through IBR, your student loan payments are capped at 10 to 15 percent of your discretionary income.

If it sounds like you might not qualify for PSLF, answer a few questions below so we can help point you towards other repayment options. Currently, there is no limit on the amount forgiven under PSLF.