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Personal Finances / Paying Back Student Loans


Subject:  Re: 25 years/300 payments? Date:  10/14/2003  12:16 PM
Author:  W505a Number:  2838 of 4855

The loan forgiveness program is part of Direct Loans (U.S. Department of Education).

After 300 months of payments, excluding deferment and forbearance, the remaining value of the loan is cancelled. (This cancellation may create "taxable income", however.)

I do not know of any other lender besides the government who will forgive the loan after a certain amount of payments.
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