Monday, October 29, 2012

A Creative Route to Student Loan Forgiveness?



Photo courtesy of stockfreeimages.com
I came across this comment on All Education Matters today in response to Cryn Johannsen’s post about AEM’s two-year anniversary:

“Has this blog done anything?  I'm thinking that this entire AEM is a pretend nonprofit that you "work" for so that you can get your student loans forgiven after a decade!  Right?”

It got me thinking…why not?  Have any borrowers actually thought of going this route?  Wouldn’t it be wonderfully ironic if student debtors had their loans forgiven by starting non-profits that fight against the student lending industry? Here’s a link to the eligibility requirements for public service loan forgiveness. 

I know one of the requirements is that the borrower must work “full-time” for a non-profit, but it doesn’t give a definition of “full-time.”  I’m sure some un(der)employed JD out there will find a loophole somewhere! 

6 comments:

  1. This is a good thought. I would consider such a thing if I had an idea for a nonprofit organization.

    ReplyDelete
  2. What about something related to JD's who are employed in fields other than law? Some kind of organization that would build a network of similarly-situated JD's and help them with networking, resume building, etc. That way, you can still work a day job to pay the bills, but you can still fulfill non-profit duties by planning events (even virtual ones, so you could do it from home), etc.. Each state has its own requirements, and I know there are federal forms to fill out, but it might be possible for someone who is determined. You'd be providing a service, of course, in exchange for having your loans forgiven in 10 years rather than 25.

    ReplyDelete
  3. That might work. After all, loopholes are everywhere in men's political structures and opinions, i.e. law.

    ReplyDelete
  4. I found this discussion thread regarding non-profits and student loan forgiveness. Sounds like you need to earn at least minimum wage at the non-profit. It might be possible...

    http://askheatherjarvis.com/forums/viewthread/29/

    ReplyDelete
  5. Thanks again for the blog post.Much thanks again. Want more.
    Dental practice financing

    ReplyDelete
  6. This looks great, I sooo need to try this soon! Thanks!
    best suits for men

    ReplyDelete