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Waco Texas online Form 1098-C: What You Should Know
Student Loan Forgiveness A. Student Loan Forgiveness Program A qualified student (as defined by the SSA) may request the forgiveness of the following types of federal student loans: 1. Stafford and subsidized Stafford loans. 2. Consolidation loans. 3. Direct Unsubsidized Loans. B. Forgiveness Formula 1. Eligibility. If you are a graduate student in an undergraduate, graduate, medical school, or veterinary technology program and: a. You were awarded financial aid as defined in SSA regulations, your financial aid award must meet the guidelines in a.1.b. You can check this with your school; b. You withdrew from the program for failure to qualify; and c. You do not qualify under the forgiveness provision, the student loan must be paid off. 2. Grant and Loan Eligibility. To be eligible for SSA student loan forgiveness, you must meet the following criteria: a. You were under 20 years old in the program year in which you were awarded financial aid; b. You graduated from an eligible program; c. You paid qualified tuition and qualified fees on time as defined in SSA regulations; d. You were eligible to receive graduate, professional school, or veterinary program-related scholarships, fellowships, loans, and/or work-study; and e. You did not have direct federal student loan debt after December 31, 2009, and were continuously enrolled at your institution of higher education until June 30, 2010. 3. Amount to be Paid Off. If you are under 25 years old (or 25 and less than 50), you must have made at least 35,000 in qualified payments (inflation-adjusted) on the subsidized Stafford loan. If you made less than 35,000 in such payments, you are not eligible for forgiveness. If you made 35,000 or more in qualified payments, you must repay the loan in full, with interest and any fees. Payments must be made by monthly deduction (treat your total interest as 0.5%) of the student loan amount.
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