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Student Loan Forgiveness

Student Loans

In 2007, Congress created the Public Service Loan Forgiveness Program (student loan forgiveness), to encourage individuals to  work full-time in public service jobs. Under this program, former (or current) students may qualify for forgiveness of the remaining balance due on their eligible federal student loans. You need to have made  at least 120 payments on the  loan under repayment plans while employed full time by certain public service employers.


Your loan is eligible for forgiveness on your student loan if you received the loan under the  William D. Ford Federal Direct Loan Program.  If you received your loan under the Federal Family Education Loan Program, the Perkins Loan Program, or any other student loan program,  then you’re not eligible for  the Public Loan Forgiveness Program.  Sorry.


What kinds of employment qualify?

Qualifying employment is any employment with a federal, state, or local government agency,  or a non-profit organization that has been designated as tax-exempt by the Internal Revenue Service under Section 501(c)(3) of the Internal Revenue Code. The nature of employment within the organization doesn’t matter for the Public Loan Forgiveness Program purposes.

Additionally, the type of services that these public service organizations provide doesn’t matter for PSLF purposes.  However, when determining full-time public service employment at a not-for-profit organization you may not include time spent participating in religious instruction, worship services, or any form of proselytizing.  The organization must not be a labor union or a partisan political organization.


What must you do to have any remaining balances on Direct Loans forgiven under the PSLF Program?

  • You must make 120 on-time, full, scheduled, monthly payments on your Direct Loans. Only payments made after October 1, 2007 qualify.
  • You must make those payments under a qualifying repayment plan.
  • When you make each of those payments, you must be working full-time at a qualifying public service organization.


Because it will take at least 10 years for you to make the 120 qualifying payments that they require for you to receive PSLF (the student loan forgiveness program), you’ll  need to submit a form and follow a process so you can track your periods of qualifying employment and your qualifying payments.  Here is the form that you have to submit for student loan forgiveness.


It might be a good idea to have a professional check out your student loan before signing any documents.  We think that we have to sign any document set before us and that isn’t true.  You should ask to take it home and read it over first. And then have an attorney or some other professional check out your loan papers.  It will be money well spent.


I know it sounds strange – here you are in the school’s loan office – begging them for money to continue your education. The last thing you can think of is to argue with them about the source of your loan.  But, you should make a plan before you get a school loan (or any type of loan – really). It will make a huge difference once you’re out of school and then required to pay it back. economy/student-loans/

And remember – you can NEVER get away from paying off your student loans! Even if you file for bankruptcy – you still have to pay off your student loan.  Every time you think you might get a tax refund from the government – oh NO – they debit that from your loan balance.  It’s a heavy burden to carry around until it’s paid off.  So, your best bet is to make a good deal on a student loan BEFORE you sign the paperwork.


If possible, get a loan under PLSF and make the best student loan deal you can before you sign any documents. When school is over, obtain employment in the public sector – then after 120 monthly payments – you could be eligible for student loan forgiveness.


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Sugar Baby Students

Sugar Baby Students

Is it legal to be a “Sugar Baby” student? Are websites such as legal? These websites offer access to rich older men. Today and on 09/16/2011, Dr. Phil investigates the latest trend in online dating: sugar babies hooking up with sugar daddies.

College girls and recent graduates who are struggling with mounting debt and a weak job market are turning to websites, such as, that introduce them to wealthy men who, in exchange for companionship — and maybe sex — help them pay their bills. Is this the Internet version of the world’s oldest profession, or just a niche dating site?

Clearly, prostitution is against the law. I don’t think this is against the law because it’s between two consenting adults and they aren’t exchanging money. Well – the men aren’t directly handing over money in exchange for sex. They are merely ‘contributing’ to the financial welfare of a Very Pretty Young Lady.

The girls make a point that they would have never met the men except for the existence of the website(s). And visa versa. The men are lonely. It’s a normal psychological and physical need to be with other people. The girls may be lonely as well. We don’t know that they’re not.

So, although this might be tested in court of law and  a federal prosecutor is probably in discovery right now – it’s still a dangerous practice.  The website owner, Brandon, only checks out how wealthy the men are and if they can afford these women.  They could be mentally ill or have a criminal background. Brandon stated that he’ll not assume liability if one of the women gets raped.

On the show, Dr. Phil gives Brandon a final chance to speak:

“Not all sugar babies are gold diggers, but they are goal diggers. G-O-A-L. They all have goals,” he says, explaining that most of the women on his site have a college education or are working toward one, trying to become financially-independent adults like Sunny. He claims that 180,000 college girls from top universities are a part of this site.”

Dr. Phil tells the women that they have plenty to offer men. “From a guy’s point of view, I can tell you what guys say among themselves about this kind of situation when you’re not there. This is not in your best interest. I think that in your heart of hearts, you can’t possibly feel good that you’re putting a price on yourself, that somebody wouldn’t want to be with you just to be with you. My point is, if you do this, you never know. All the time you’re doing this, you’re not forming a meaningful relationship that is based on mutual care, concern, love, regard, commitment and future planning.”

Although there’s tons if jibber jabber about the legality and morality of this practice – not too many people seem concerned with how much disease is being exchanged here.  Quite a few of the men who subscribe to these websites are married.  Married – meaning they’re having sex with their wives, their ‘Sugar Babies’ and any number of unsuspecting participants.  Sheesh.

It’s frightening to realize how dangerous this new trend  of sugar baby students – that exchange ‘whatever’ with rich (and maybe married!) men – and – where this is leading to.  Is the world evolving into a much badder place?

Click here to view the entire Dr. Phil Program.

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