You may qualify for Forgiveness based on your current financial situation.
It’s unfortunate that your servicer won’t properly explain what you qualify for. What do you expect? Remember, this is YOUR responsibility. Not theirs.
Many of us choose to hire an accountant or tax advisor as the money spent by hiring their services substantially increases the amount we will receive as a refund or reduce the amount we will owe.
However, you are able to file your taxes on your own for FREE in the same way you are able to file any of your federal student loan documents on your own. Let’s assume you do file your taxes on your own but should you have been able to receive a higher return by filing your paperwork in a different way, the IRS wouldn’t contact you and say, “Hey, if you completed your paperwork this way you would have received “x amount” more. So, we went ahead and corrected that for you. Oh, by the way, here’s the additional cash.” That doesn’t happen. However, they will contact you if you owe them money. Sound familiar? Proof that free can sometimes cost you more. Find out what you may qualify – Repayment Calculator or Start now
Did you know?
Your reduced payment under an Income Driven Repayment may not cover the interest on your loans. If so, the government will pay that interest on your Subsidized Stafford Loans for your first three years. After three years and for other loan types, the interest will be added to the total amount you owe.
What about student loan forgiveness?
While your debt may grow if your affordable payments are low enough, anything you still owe after a maximum 20 years of qualifying payments will be forgiven. This is why interest isn’t a factor many people with federal student loans need to consider.