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Absent public service loan forgiveness (which we may very well soon be, if Republicans in Congress get their way), the number is actually 30 years and the forgi

• learc83 9y ago
  >the number is actually 30 years No. It's 20 years. https://studentaid.ed.gov/sa/repay-loans/understand/plans/income-driven https://studentaid.ed.gov/sa/repay-loans/understand/plans/in... >the forgiven amount is taxable income. It's only taxable up to the point of solvency. If you have a sizeable loan forgiven and you haven't made enough money to pay it over 20 years, you likely won't have enough assets to end up owing very much. Also it's very likely congress will intervene in 10-15 years or so when a huge percentage of voters have this problem. >income-based plans often result in payments that don't even cover interest, so the debt continues to pile up quickly. If that's the case, you will never pay it off and we're back to debt cancellation after 20 years.