Re: Student Loan Forgivenes
s Act of 2012
07-06-2012 06:45 AM
On Number five:
(3) QUALIFIED LOAN AMOUNT- After the borrower has made 120 monthly payments described in paragraph (1), the Secretary shall forgive--
`(A) with respect to new borrowers on or after the date of enactment of the Student Loan Forgiveness Act of 2012, the sum of--
`(i) the balance of principal and fees due on the borrower's eligible loans as of the time of such forgiveness, not to exceed $45,520; and
`(ii) the amount of interest that has accrued on the balance described in clause (i) as of the time of such forgiveness; or
`(B) with respect to any other eligible borrower, the balance of principal, interest, and fees due on the borrower's eligible loans as of the time of such forgiveness.
So, if we're done...we qualify as B. At least, that's how I've read it, and seen other people understand it.
Basically, if we're done, we qualify for all of our debt after ten years of on time payments. But, if we are a new borrower on or after the date that this bill passes (hopefully), then you can only get forgivness for 45,520 after the ten years.
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