This Business News Story Was Uncovered By Us From: https://www.youngadultmoney.com/student-loan-tax-bomb/
This exclusive industry connected news Piece, was selected personally by Marcus lee, who is one of our undercover online business News flash reporters – will offer you further insight in how these points of views could be translated into your own business Launchs.
Most people associate student loan forgiveness with Public Service Loan Forgiveness, or PSLF.
PSLF provides certain student loan borrowers forgiveness after 120 qualified monthly payments. PSLF is only eligible for those who work for the government or a 501(c)(3) nonprofit, though, so it won’t help everyone.
What many fail to realize is that PSLF isn’t the only way to get your student loans forgiven.
For those who are not eligible for PSLF there is income-driven student loan forgiveness. The way income-driven loan forgiveness works is you make 20- or 25-years worth of payments on an income-driven repayment plan. Once you hit the 20- or 25-year mark your remaining balance and accrued interest is forgiven by the federal government.
20-25 years can seem like a long time, and it is, but millions of borrowers would benefit from going down the path of income-driven student loan forgiveness.
But there is one thing to keep in mind with income-driven loan forgiveness: the amount forgiven is taxed.
This can have big implications for your taxes, hence the term stude… Read More
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