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Forgiveness Programs and Discharge Options

Forgiveness Programs and Discharge Options

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 Episode 3 of Student Loans explores the complex world of loan forgiveness and discharge options that could save borrowers hundreds of thousands of dollars. Host Penny Power breaks down Public Service Loan Forgiveness (PSLF), revealing strict requirements including Direct Loans, qualifying employment, and exactly 120 payments on income-driven plans. The episode covers Teacher Loan Forgiveness, state-specific programs, and income-driven repayment forgiveness with crucial tax implications creating potential "tax bombs." Penny explains discharge options for closed schools, borrower defense, disability, and death, while debunking dangerous myths about automatic forgiveness and nonprofit eligibility. Key insights include PSLF's low historical approval rates, the importance of employment certification, and strategic planning for tax liabilities. Essential takeaway: forgiveness programs require active management and backup plans rather than passive participation.
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