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And how long, exactly, does the IRS allow you to pay off that $12k? Because if it's "a few months", and really even just "a year", you're proper fucked. Not eve
by TheRealPomax 8y ago
And how long, exactly, does the IRS allow you to pay off that $12k? Because if it's "a few months", and really even just "a year", you're proper fucked. Not everyone gets a nice $60k/yr job after their $50k loan investment, and having a $50k loan over 15+ years is manageable, whereas $12k in one will ruin you.
- thedufer 8y ago6 years is standard, plus the time between the forgiveness event and filing, which gives you another 3-15 months or so. Down to 3 years if your balance is <$10k. And as I mentioned before, if it was too short you could declare bankruptcy, which is an option you don't have with student loans. My point that even in the worst case you're in a better position than before still looks valid.