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The Project on Student Debt is supported by The Pew Charitable Trusts, the William and Flora Hewlett Foundation, the Ford Foundation, the BayTree Fund, and individual donors. The Project on Student Debt is an initiative of the Institute for College Access & Success, an independent, nonprofit organization working to make higher education more available and affordable for people of all backgrounds. For more information see www.projectonstudentdebt.org and www.ticas.org.
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The program's 25 year forgiveness component is not as generous as it initially appears. As is the case with ICR, the amount the government eventually writes off is potentially taxable. If Congress does not address this problem, federal student loan borrowers who have been making payments through the program faithfully for a quarter century will be in for a rude awakening. The path to forgiveness is also unclear at this point but given that not all payments or deferments count toward the 25 year period, it is unlikely that forgiveness will be automatic.