wreckem wrote:J-Rod wrote:wreckem wrote:I'm not sure if the Army program that gives $60k is any better than the LARP offered for public service.
IBR/LARP in my opinion will be a superior choice if you plan to be in for 10 years. Unless you have private loans.
With IBR you dont have to pay taxes on the amount forgiven. With the $60k you have to pay taxes on it. Again I feel the Army's program is only useful if you have private loans. I'm not suprised other branches aren't following the Army's path.
they offer a way to take your private loans and consolidate them into a package that qualifies for the LRAP though
The Federal Loan Forgiveness program requires loans be eligible for Direct Consolidation. You have to do a direct consolidation with the Dept. of Ed. Private loans do not qualify for that. They have to be govt. backed loans. To my knowledge there are no programs that allow you to convert private loans into govt. backed loans. You can add your private loans into the IBR payment calculations, but they are not forgiven.
Or it is possible you might be thinking about the part where traditionally you must have atleast one federal direct loan in order to do direct consolidation. That is wavied for the 10 year public service loan forgiveness program.
I must have misread. Your stafford and gradplus loans do qualify though correct?