Important info for those with STUDENT LOANS eligible for FORGIVENESS. Check the terms.

[pnwmom]

https://www.nytimes.com/2017/04/07/your-money/student-loans/panicked-borrowers-and-the-education-departments-unsettling-silence.html?hp&action=click&pgtype=Homepage&clickSource=story-heading&module=second-column-region®ion=top-news&WT.nav=top-news

People who are in the loan forgiveness program, who think they are or who are contemplating trying to enter it ought to use this scare as an opportunity to step back and double-check their assumptions.

At least four basic things need to happen for someone to get in the program and stay in: He or she must make payments in the right way, have the right kind of employer, be in the right loan category and have the right kind of payment plan.

What follows is a mere summary, and the pitfalls, tripwires and exceptions are legion. Mandatory additional reading includes the Education Department’s fact sheet, its list of 56 questions and answers, and the Consumer Financial Protection Bureau’s tool kits for employers and employees.

Let’s take those four requirements in order:

THE RIGHT WAY TO PAY For starters, you need to make 120 payments in order to qualify. They need to be made on time and in full, and you must be working full time.

SNIP