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

By on November 9, 2011
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”

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.

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About 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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