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Loan Forgiveness: The Best Kept Secret of Federal Student Loans

April 20, 2011 | Adam S. Minsky, Esq. Loan Forgiveness

Do you have a large amount of federal student loan debt? Do you look at the obscene balance on your monthly statements and think to yourself, “Wow. I’m going to be paying this off for the rest of my life.” Well, you might not have to.

In 2007, Congress passed the College Cost Reduction and Access Act, which created the Income-Based Repayment program (also known as “IBR,” described in one of my earlier posts below). IBR and another repayment program, the Income-Contingent Repayment program (“ICR”), calculate a unique monthly payment amount for borrowers with relatively high amounts of federal student loan debt compared to their income. IBR and ICR keep your monthly payments low. The Act also provides two ways to get your loans forgiven.
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Loan Forgiveness

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Books by Adam S. Minsky

The Student Loan Handbook for Law Students and Attorneys

The Student Loan Handbook for Law Students and Attorneys

Student Loan Debt 101

Student Loan Debt 101: The Definitive Guide to Understanding and Managing Your Student Loans

Student Loans for Parents and Cosigners

The Student Loan Guide for Parents and Cosigners

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Boston, MA 02110

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