Student Loans Forgiven!

[fiteacher]

This afternoon I checked my Personal Capital account and I noticed that our net worth had gone up over $50k. I checked my student loan balance and it was ZERO. Thinking it couldn't be true because of the problems I have had I called the student loan folks and they confirmed that the rest of my student loan balance was forgiven because of the Temporary Expanded Public Service Loan Forgiveness Program (TEPSLF). They haven't sent me the confirmation e-mail yet (that is supposed to come within 30 days). But I am absolutely giddy. That is a $5000 a year raise AND our net worth went up over $50k because of it. Not a bad thing before Thanksgiving!!!!

[Dee]

What a lovely surprise for you! Congrats!

[robartsd]

Prepare for the tax bill.

[soccerluvof4]

Thats a huge change in value!, Congrats.

[Rural]

Prepare for the tax bill.

The amounts of student loans forgiven under the public service loan forgiveness program are not taxable income.


https://studentaid.ed.gov/sa/repay-loans/forgiveness-cancellation/public-service/questions


OP, congrats! You're the first I've heard of the alternate system working.

[fiteacher]

My apologies. In the original post I put up our net worth went up 500k, implying that is how much I receiving student loan forgiveness. I added a zero. It was actually 50k (57k to be exact). We have never had that much student loan debt.

[FrugalSaver]

What caused th em to be forgiven?

[fiteacher]

The Temporary Expanded Public Service Loan Forgiveness plan provided a mulligan for those working in public service. I had made 10 years of payments and I work in public service. I had paid more than the original amount taken out. After applying for the program I was initially denied, requested a review of payments again, and was approved a couple of days ago.

[Dr Kidstache]

Awesome! Congrats!

[FireAnt]

Congratulations!!! I've read a couple articles in Forbes and NY Times about others who have been successful with that program. There aren't many. I'm expected to get mine forgiven 12/2019-- ONE YEAR. I can't wait... it must be an amazing feeling.