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Will the Obama Student Loan Program Erase My Old Student Loans? – Drew

“Dear Steve,

My student loan debt started at $165K with pmts of $865/month for 30 yrs. I am in year 8 of repayment with a balance of 136K. I am current and have never missed a payment or been late.

Do you know if Obama’s plan that he is going to announce (forgiveness at 20yrs) at the 2012 SOTU address will cover pre-existing loans or just new grads?

Drew”

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The Answer

Dear Drew,

I believe it will include people who enroll in the program when it goes live but a similar program already exists. See the Income Based Repayment (IBR) program for similar benefits.

This means that you can enroll old loans but will have to make a certain number of payments inside the program to get the benefit. Obviously, full details on any new program are not available yet.

Please post your responses and follow-up messages to me on this in the comments section below.

Big Hug!

Will the Obama Student Loan Program Erase My Old Student Loans?   Drew
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Steve Rhode
Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.

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