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So you know how working for a non-profit or government organization looks good in regards to paying back a loan? I just noticed that I had been working for a non-profit organization for the last 4 yrs & didn't even know it. I just never knew & I had just never thought about it to find out.
So far, I had been applying annually for the IDRP (income-driven repayment plan) & haven't had to start paying a dime yet. However, the interest still accrues.
Does anyone know about this topic & how it will affect my loan repayment moving forward? Any help, tips, links w/ more info, etc. would be appreciated!
1) Is a certain amount of the loan taken off for each year that you're employed by a non-profit organization? 2) Will they go retroactive back to when I first started working for the non-profit? 3) Is my loan forgiven altogether?
I'm in CALIFORNIA.
Last edited by Forever Blue; 04-15-2019 at 04:39 PM..
1) Balance is forgiven after 120 qualified payments regardless of amount (balance often goes up because the IDR payments are less than interest)
2) They're supposed to
3) See 1
I wonder what all the stipulations are to get the loan waived/forgiven (I'd have to work full-time, etc.) I work the job year-round, but not always 40 hrs a week. I guess I better talk to the company rep who I have the loan w/ (Navient) & they'll tell me about if I qualify for anything.
Good article, it's interesting that you can't apply until after you've completed your 120 on time payments, but look what it pointed out:
Are Non Profit Loan Forgiveness Applications Actually Being Approved?
As of an April 3rd, 2019, report from the LA Times, the number of approvals for PSLF Applications looks pretty disheartening. This report noted that while tens of thousands of Americans have applied for PSLF, fewer than 300 have had their Applications approved.
I wonder what all the stipulations are to get the loan waived/forgiven (I'd have to work full-time, etc.) I work the job year-round, but not always 40 hrs a week. I guess I better talk to the company rep who I have the loan w/ (Navient) & they'll tell me about if I qualify for anything.
Are you thinking you might not have to pay it back at all?
Are you thinking you might not have to pay it back at all?
I'm definitely not some entitled-type person who assumes I'm "special" & I won't have to pay. I know it's looking impossible & a long shot, but like many others out there, I'm hoping I won't have to somehow, some way. Maybe some other program will start up in in another year or two. Who knows, maybe. I pray to God for some kind of miracle. He can make a way where there is no way.
Again, I just realized that I worked for a non-profit literally the other day, so I was getting excited there for a minute. A person can hope.
I'm definitely not some entitled-type person who assumes I'm "special" & I won't have to pay. I know it's looking impossible & a long shot, but like many others out there, I'm hoping I won't have to somehow, some way. Maybe some other program will start up in in another year or two. Who knows, maybe. I pray to God for some kind of miracle. He can make a way where there is no way.
Again, I just realized that I worked for a non-profit literally the other day, so I was getting excited there for a minute. A person can hope.
I've actually read many articles that said over 40k people have applied for the forgiveness program after making 120 payments and only 200 or so have been approved. that's .05% of people actually get their loans forgiven. That's not a good plan.
I'm definitely not some entitled-type person who assumes I'm "special" & I won't have to pay. I know it's looking impossible & a long shot, but like many others out there, I'm hoping I won't have to somehow, some way. Maybe some other program will start up in in another year or two. Who knows, maybe. I pray to God for some kind of miracle. He can make a way where there is no way.
Again, I just realized that I worked for a non-profit literally the other day, so I was getting excited there for a minute. A person can hope.
You know which way to vote in 2020, to support the program, and maybe have a shred of hope it will be expanded...
clearly the government isn't interested in clearly anyone's student loans.
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