 TITLE: What Is Student Loan Forgiveness and How Do I Qualify? CONTENT: Are There Downsides to the Student Loan Forgiveness Programs?\n-------------------------------------------------------------\nEach student loan forgiveness program has drawbacks, and it's important to understand them before you start the process.\nWith PSLF, for instance, you may be giving up a higher income you might have earned in the private sector by choosing to work for a government agency or nonprofit. You could run into the same issue with the Teacher Loan Forgiveness program if a school in a low-income area pays teachers less than other schools in the area. So in chasing after forgiveness, you could be leaving more money on the table in other ways.\nAlso, the PSLF program requires you to make 120 qualifying monthly payments, which means it'll take you at least 10 years to qualify. The income-driven repayment plans are even more demanding, requiring you to make payments for 20 or 25 years.\nFinally, if you pick an income-driven repayment plan, your forgiven balance will be taxable, which could cause problems with the IRS if you can't afford to pay the bill. END