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State Forgives $37,000 of Student Debt so Man Can Buy House


Published on 2025-03-06 15:29:50 - Newsweek
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  • A Rockford, Illinois, resident was able to purchase his first home after having $37,000 of student loan debt forgiven through the Illinois Housing Development Authority's (IHDA) SmartBuy program. The program,

A man named Michael Jackson, not the famous singer, had $37,000 of his student loan debt forgiven through the Public Service Loan Forgiveness (PSLF) program, which allowed him to purchase his first home. Jackson, who works as a social worker, had been paying off his student loans for 15 years before qualifying for the forgiveness. The PSLF program forgives the remaining balance on Direct Loans after a borrower has made 120 qualifying monthly payments under a qualifying repayment plan while working full-time for a qualifying employer. This financial relief came at a crucial time as Jackson was looking to buy a house, and the forgiveness of his debt significantly improved his financial situation, enabling him to secure a mortgage. His story highlights the impact of student loan forgiveness on personal financial milestones like homeownership.

Read the Full Newsweek Article at:
[ https://www.newsweek.com/man-has-37000-dollars-student-debt-forgiven-buy-house-2040621 ]
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