When people have been getting loan forgiveness are your loans forgiven all at once or based on each loans payment count? It would be really helpful for future tax bombs if they got forgiven based on each loans count.
Background Info
My loans were consolidated with different types of loans plus a mix of undergraduate and graduate loans.
My backdoor loan counter shows different payment counts for different loans. It doesn't fully make sense except for undergrad vs grad but I'd say I have about 5 different counts showing up.
Posted by judy2828
3 Comments
In my case, which was unconsolidated, the discharge was staggered. I still have a couple of loans with some time on the clock. I didn’t trust the call to consolidate for SAVE a couple of years back because it seemed like a lot could go wrong without recourse if it did.
If they’re consolidated, they’ll use the average of the underlying loans to determine payment count for the consolidated loan.
I certainly hope ours will be staggered after I screwed by not consolidating them all together for SAVE. I’d like to at least get the benefit of less being taxed at 24% and none at 32%.