Monday, October 29, 2012

A Creative Route to Student Loan Forgiveness?



Photo courtesy of stockfreeimages.com
I came across this comment on All Education Matters today in response to Cryn Johannsen’s post about AEM’s two-year anniversary:

“Has this blog done anything?  I'm thinking that this entire AEM is a pretend nonprofit that you "work" for so that you can get your student loans forgiven after a decade!  Right?”

It got me thinking…why not?  Have any borrowers actually thought of going this route?  Wouldn’t it be wonderfully ironic if student debtors had their loans forgiven by starting non-profits that fight against the student lending industry? Here’s a link to the eligibility requirements for public service loan forgiveness. 

I know one of the requirements is that the borrower must work “full-time” for a non-profit, but it doesn’t give a definition of “full-time.”  I’m sure some un(der)employed JD out there will find a loophole somewhere! 
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5 comments:

  1. A Terrified Law StudentOctober 30, 2012 at 2:16 PM

    This is a good thought. I would consider such a thing if I had an idea for a nonprofit organization.

    ReplyDelete
  2. Recovering LawyerOctober 30, 2012 at 2:32 PM

    What about something related to JD's who are employed in fields other than law? Some kind of organization that would build a network of similarly-situated JD's and help them with networking, resume building, etc. That way, you can still work a day job to pay the bills, but you can still fulfill non-profit duties by planning events (even virtual ones, so you could do it from home), etc.. Each state has its own requirements, and I know there are federal forms to fill out, but it might be possible for someone who is determined. You'd be providing a service, of course, in exchange for having your loans forgiven in 10 years rather than 25.

    ReplyDelete
  3. NandoOctober 31, 2012 at 9:38 AM

    That might work. After all, loopholes are everywhere in men's political structures and opinions, i.e. law.

    ReplyDelete
  4. Recovering LawyerOctober 31, 2012 at 8:41 PM

    I found this discussion thread regarding non-profits and student loan forgiveness. Sounds like you need to earn at least minimum wage at the non-profit. It might be possible...

    http://askheatherjarvis.com/forums/viewthread/29/

    ReplyDelete
  5. UnknownJanuary 22, 2014 at 12:51 AM

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