Student Loan Forgiveness Plans vary by employer. The most common and known program is the Public Service Loan Forgiveness Program. The majority of the other plans focus in the areas of education and medical careers. Reducing your student debt is an important part of your long term financial plan. Many employers offer plans along with the government. To maximize this benefit you need to consul with your company’s human resource department to understand which programs they offer or qualify for under the different government plans.
An important factor you need to realize that most forgiveness programs become a taxable event. This means that the amount of money you receive as loan forgiveness may appear on your W2 in the tax year it is dispersed. In addition to this increase in income, it may impact your amount monthly payment if you are using a Income Based Method of loan repayment.
You need to take advantage of any student loan forgiveness program available to you. Understanding and planning for the results of these forgiveness plans is required.
Proper planning could save you thousands of dollars in loan repayment. Learn the approach and details you need to consider:
- Ask your current employer
- Rules vary by program and career
- Some plans are taxable
- Employment status and length of service are critical
For additional information on other topics related to student loan repayment and student loan forgiveness please visit our resource page. If you feel professional advice is a better options Please contact us.
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