1. #1
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    Student Loan Forgiveness for LE

    I'm aware of a bill that was passed last summer allowing for something ilke $5000 of Stafford Loan forgiveness for LE (and other government employers) after X number of years and total forgiveness after 10 years of service. Anyone actually do this or know how to go about doing it?

    Or, anyone know of any other programs for loan forgiveness or assistance for cops?
    Nobody ever wants to have to fight, but its a darn good idea for someone to know how.

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    I think it is after 10 years of payments (while in LE) they will forgive remainder of the loan. I think (someone please correct me) it is 10 years from sept. 2007.

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    Considering most, non-consolidated student loans are scheduled on a 10 year repayment schedule, Im still trying to figure out how this is supposed to help us?

    Regards,

    C

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    Quote Originally Posted by cblackthorne View Post
    Considering most, non-consolidated student loans are scheduled on a 10 year repayment schedule, Im still trying to figure out how this is supposed to help us?

    Regards,

    C
    That's exactly what I was wondering, supposedly its only good for Stafford Loans which have a 10 year repayment plan. Was hoping someone here would know more and be able to help.
    Nobody ever wants to have to fight, but its a darn good idea for someone to know how.

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    Quote Originally Posted by cblackthorne View Post
    Considering most, non-consolidated student loans are scheduled on a 10 year repayment schedule, Im still trying to figure out how this is supposed to help us?

    Regards,

    C
    I have been taking advantage of this for 4 years now, every year I bring an affidavit to my chief and he signs off that im currently employed f/t, then I mail that to my loan agency, and they deffer most of my payments so Im currently not paying most of my loan, and this is done without accruing interest. In the program im in I still have to pay some part of my loan but its a great deal. If I knew of another that was better Id be all ears.

    My wife is a teacher and did the same program except all her loans got paid in complete with her 5th year of teaching.

  6. #6
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    Is this a program through your loan people? I would like to know more. Do you have a website you download form off of or get it through loan agency?

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    Any more information on this ?

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    I too would like to know more...

  9. #9
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    I am doing this for my Perkins loan. You get credit for every year as a LEO. I went through my university to set it up. There was a form I had to complete and have one of my supervisors sign stating that I was employed as a LEO for the last year. You get a percentage for each year with the loan being paid off after five years. I am not sure if they have the same thing for the Stafford or not.
    ...that could be cannon fire...

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    I'm familiar with the program for the Perkins loan, however, I heard that summer of 07, GWB signed a program allowing for somethign similiar for the Stafford.
    Nobody ever wants to have to fight, but its a darn good idea for someone to know how.

  11. #11
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    Quote Originally Posted by johnnya225 View Post
    Here is info on the act passed last summer:
    http://www.finaid.org/loans/publicservice.phtml

    Basically, you pay on an income-based plan, which stretches the payments out, and you have only paid a % after 120 payments/10 years. Only payments made on/after Oct 1, 2007 on an income-based or standard repayment plan count towards it. Afterwards, the rest is written off.

    For me, using this plan, I will barely have the interest paid by that point, so it's a great program.
    Sounds like a nice program if you extend your loans.

  12. #12
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    Nice find! Thanks for the info!
    The above comments reflect the personal, off-the-record, unofficial opinions of the individual posting them only, and in no way, shape, or form should be taken to indicate any particular opinion, policy, or belief by the poster's or any other agency, governmental entity, organization, or corporation. Thank you and have a nice day.

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    ***Disregard. Not LEO, just extending thanks***
    1*

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    Smile

    [QUOTE=elusive;1079048]I have been taking advantage of this for 4 years now, every year I bring an affidavit to my chief and he signs off that im currently employed f/t, then I mail that to my loan agency, and they deffer most of my payments so Im currently not paying most of my loan, and this is done without accruing interest. In the program im in I still have to pay some part of my loan but its a great deal. If I knew of another that was better Id be all ears. QUOTE]

    I think the loan repayment you are talking about is from the perkins loan program. All of your Perkins loans will be paid by the government over a 5 year period. The only conditions are:
    It must be A Perkins loans
    Your proffession must be on the list (law enforcement is)

    If you are in law enforment and going to school, take all of the Perkins loans you can. I believe the repayment schedule is 10% first year, 20% second year, 30% third year, 30% fourth year, and last 10% fifth year.

    the Stafford program is as follows:

    Under the law, the remaining interest and principal due on any eligible federal direct loan may be cancelled for borrowers who: (1) are employed in a public service job at the time of forgiveness; (2) are not in default; (3) have made 120 monthly payments on the loan after October 1, 2007; and (4) have been employed in a public service job during the period in which the borrower makes each of the 120 payments.


    Hope this helps everyone.

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