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.”"
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