If I form a legitimate not for profit and have it for 10years or longer. In 10 years will I be able to cancel my student loans, in the same way I would if I were an employee of the not for profit?
Without commenting on whether that would work (my guess is no but I have not researched it thoroughly and your non profit has to actually pay you and perform withholding for taxes, etc.) have you researched other options, like IBR? In some cases the IBR can be zero. OK the public service forgiveness is forgiveness, but sometimes it's about surviving. Consult with a student loan attorney for details about your idea or about IBR options.
I am not your attorney unless you and I have signed a retainer agreement. What I am saying is not legal advice. Do not act on this information without engaging my services, this is for consideration only.
Too speculative to answer in an online forum. While you MIGHT be able to pull this off, there are many landmines to seriously injure this scheme. Hope this perspective helps.
This really sounds like a brilliant too good to be true move that if were allowable everyone would do it.
Answers are provided for direction only; it is not a substitute for an office consultation.
You would have to work full time at the not for profit. This means at least 30 hours per week. You would have to distribute both pay stubs and W-2s to yourself for 10 plus years. Plus you must be pay your student loans every month for the 10 years pursuant to an income based repayment plan. Next you would still have to continue to be current on the loans pursuant to the income based repayment plan while you make your application. Then you have to worry that Congress does not eliminate this program before your the remaining balance on your loans get approved for cancellation. BTW. The debt cancellation only applies to certain types of Direct Loans. There are some types of student loans which will not be cancelled by this program. Does it still sound like something you want to do?
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