I got the email from E.D. My loans will be forgiven!

[NwodGniog]

I am happy to report that I got the email from E.D. that due to their account adjustment for I.D.R. loans, my student loans meet the eligibility criteria for forgiveness of the remaining balances. They gave the option to opt out for state tax purposes, but there is no way I would even think of opting out. So, in about 30 days, my student loans should be forgiven. There will be no federal tax consequences, and very few states are planning on taxing forgiven student loans. Arizona is fortunately not one of them.

[justbroke]

Congratulations on meeting the criteria.

[NwodGniog]

So, an update. I got the official letter from the student loan servicer MOHELA telling me my student loans have been forgiven and that there would be no federal tax consequences from the loans being discharged. I logged into their website, downloaded the official letter and made sure to keep it in a safe place. I also took a screenshot of my account information showing a zero dollar balance and zero interest. It is over as far as the loan servicer is concerned. In their letter they stated they would send the information to both the Federal Dept. of Ed and to the credit reporting agencies within 30 days. I am finally out of debt and will do my best to never get back into debt.

The one piece of advice I would give to any young person thinking about going to college is this: major in something that will help get you a good paying job or don't go to college on a student loan. Computer science, I. T., or something like one of the S.T.E.M. fields is what I would major in if I had it to do over again. I guess the T. in S.T.E.M. would cover computer science and I. T. Also, think about pursuing S.T.E.M. at the community college level first and see if you can get a job with that certificate before moving on to the university level. Or, maybe skip college all together and learn a trade such as plumbing, electrical, carpentry, or even something like a car mechanic.