Archive | January, 2016

SP True Stories: God is Better than Expected

4 Jan

True stories of supernatural provision from a friend

After 2 ½ years of diligent but fruitless job searching, I landed a job.  Then I received a 25% pay raise over my previous job salary, before I even started StudentDebtthat job 4 days later.  And it is a better job than I had dreamed of.

But now, my bachelor and master’s degree school loans came due.  The first payment totaled over $1500!  A quick phone call to the loan servicer revealed that the position I had recently accepted, qualified me for a federal Public Service Loan Forgiveness Program.  The program is a 10-year process of receiving a $202,536.35 to cancel my loan indebtedness… costing me nothing… just some signatures!

Yay, God.  That made the years of frustration a lot more palatable!  And to think, Papa had this in mind the whole time!

Addendum 16 months later:

Usually when a debt is forgiven, there are tax ramifications.  The forgiven debt is treated as ‘income’ and the taxpayer is then responsible for the amount of taxes directly related to the forgiven debt and it’s due all at once.  

I just discovered that, due to the type of loan forgiveness program that I am in, there will be no taxes on the forgiven debt!!! None whatsoever!  Hallelujah!