There is a way for every New Jersey teacher with high federal student loan balances to make an affordable payment and still be finished paying in ten years.  How?  By using a combination of an income based repayment plan and the Public Service Loan Forgiveness program.

As to the payment plan, you would get into an income based repayment plan like IBR.  This would calculate a monthly payment, amortized over 25 years, and factor in your income and household size.

Then, through the Public Service Loan Forgiveness program, you work to shorten it to ten years!  With this program, if you make 120 payments on your loans, each during a time when you were employed full time as a teacher (or some other form of public or charitable employment), you can apply to have any unpaid balance on your loans discharged tax free!  On top of that, any qualifying payment made on your student loans after July 1, 2007, counts towards the 120!

If you are a teacher in New Jersey, this is just too good a deal to pass up. Find out more by downloading this questionnaire, filling it out, and then faxing it to me at 856-686-9911 or e-mailing it to me. I will then review it to determine if I can be of assistance and contact you to discuss representation.  What have you got to lose?

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Steven J. Richardson
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Bankruptcy, Collections, Student Loan, DUI and Traffic Court attorney in Woodbury, NJ.