Opinions are Alexandra's own. This site is not affiliated with any of the companies or people mentioned or linked to. Information on this site is for educational purposes only and is not to be taken as specific advice. Speak with a financial professional to determine what is appropriate for your personal financial situation. ©2019 by Alexandra Wilson, CFP®

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Fox Business: What qualifies you for student loan forgiveness?

By Ellen Chang at Fox Business


"Federal student loan borrowers can qualify for loan forgiveness under one of four Income-Driven Repayment (IDR) plans and become eligible for loan forgiveness after 20 or 25 years. These include the Revised Pay As You Earn (REPAYE), Pay As You Earn (PAYE), Income-Based Repayment (IBR) and Income-Contingent Repayment (ICR) programs.


But there's a catch.


“Make sure you save for the tax bomb at the end,” said Alex Wilson, a Lawrenceville, Georgia-based certified financial planner. “The major con is that once the loans are forgiven that amount is treated as taxable income.”"


Read more at Fox Business >