Interest rate for loans made before July 1, 2006: For Stafford and Unsubsidized Stafford, in-school rate is 91-day T-Bill 1.7%; in-repayment rate is 91-day T-Bill 2.3%; both rates are capped at 8.25%. 1, 1998, who teach for five consecutive years in qualifying schools serving low-income students may qualify for up to ,000, and, in the case of highly qualified mathematics, science, and special education teachers, up to ,500, in loan forgiveness.
On this plan, you will make payments for 25 years, and at that point, your loans will be forgiven.
If you are a borrower with loans July 1, 2014, your loan will not exceed 10% of your discretionary income, and the loan will be forgiven after just 20 years.
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But this statistic is misleading, because a lot of borrowers think this means qualifying for some type of student loan forgiveness program. Actually, most borrowers qualify for student loan forgiveness through one of these “secret” ways.