How Do You Get Out Of Repaying Your Loans?

Easiest two ways I can think of…

Stay in school forever

If you never stop going to school and are earning degrees in your 80s you dont have to pay.

get out of student loans by getting hit by a bus

You may have to die but if you go owing them 200K you spent that money smartly and when ya should have.

But honestly those are about it.  You can’t “discharge” them in bankruptcy.  You can’t simply not pay because they’ll take wage garnishments and your tax refund each year.

The next best thing is to accept a lower paying government job and if you make all of your payments for ten years the remainder is forgiven.  Now if you’d been in the private sector who know if you’d have been promoted up to the point your wages made working for the government look like a bad idea…but you can work for a nonprofit and after 10 yrs of repayment the rest is forgiven.

In those ten years you’ll have plenty of time to pay a large portion of your debt off.  This program is …

Public Sector Loan Forgiveness

The Public Service Loan Forgiveness (PSLF) Program forgives the remaining balance on your Direct Loans after you have made 120 qualifying monthly payments under a qualifying repayment plan while working full-time for a qualifying employer.

If you want to qualify for Public Service Loan Forgiveness now or in the future, complete and submit the Employment Certification form as soon as possible. Too many borrowers wait to submit this important form until they have been in repayment for several years, at which point they learn that they have not been making qualifying payments. In order to ensure you’re on track to receive forgiveness, you should continue to submit this form both annually and every time you switch employers.

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