What are some common misconceptions about loan forgiveness?
An example of an AI chatbot conversation about common misconceptions regarding loan forgiveness.
What are some common misconceptions about loan forgiveness?
Many people believe that loan forgiveness is automatic, but that's not true. You often need to meet specific criteria.
What criteria do I need to meet for loan forgiveness?
Typically, you need to work in a qualifying public service job and make a certain number of payments under a qualifying repayment plan.
Can I get loan forgiveness if I work for a non-profit?
Yes, working for a qualifying non-profit organization can make you eligible for loan forgiveness under programs like PSLF.
Are there any tax implications for forgiven loans?
Yes, in some cases, forgiven loans may be considered taxable income, but recent legislation has provided some relief.
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