I’m 69 years old and have been paying my student loans since 1999. Some were for my daughter’s undergrad, and the rest for my grad studies. The loan was with Sallie Mae, but then it got transferred to Navient. I know some programs are out there, but not sure if any apply to seniors. Has anyone else dealt with this or know of any forgiveness options?
Have you looked into Income-Driven Repayment (IDR) plans? After 20-25 years, they forgive the remaining balance. You might be close!
Mal said:
Have you looked into Income-Driven Repayment (IDR) plans? After 20-25 years, they forgive the remaining balance. You might be close!
I haven’t been on an IDR plan. Just been making regular payments. Not sure if that counts.
Mal said:
Have you looked into Income-Driven Repayment (IDR) plans? After 20-25 years, they forgive the remaining balance. You might be close!
Even if you weren’t on IDR, they sometimes count older payments with the IDR Adjustment Program. Worth asking your servicer.
If you’re on federal loans, Public Service Loan Forgiveness (PSLF) could be an option if you worked in public service or a nonprofit.
Ellis said:
If you’re on federal loans, Public Service Loan Forgiveness (PSLF) could be an option if you worked in public service or a nonprofit.
I haven’t worked in public service, so probably won’t qualify. But thank you!
Do you know if your loans are federal or private? Federal loans usually have more forgiveness options.
Vey said:
Do you know if your loans are federal or private? Federal loans usually have more forgiveness options.
Not completely sure. It was Sallie Mae, then Navient. I’ll check if they’re federal.
Vey said:
Do you know if your loans are federal or private? Federal loans usually have more forgiveness options.
If they’re federal, you can log into studentaid.gov to see your details. They’ve got all the info on your loans there.
You might also qualify for a Total and Permanent Disability (TPD) discharge if you’re unable to work due to a disability.
Shan said:
You might also qualify for a Total and Permanent Disability (TPD) discharge if you’re unable to work due to a disability.
Thanks, I didn’t know about that option. I’ll check if it applies.
Sometimes credit counseling agencies or non-profits can help with advice on student loan issues. Might be worth a try?
Rio said:
Sometimes credit counseling agencies or non-profits can help with advice on student loan issues. Might be worth a try?
I hadn’t thought of that. I’ll look into some agencies. Thanks for the tip!