I want to start my own non-profit, become an employee, and then qualify for PSLF
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TL;DR - I want to start my own non-profit and work for it so I can get my loans forgiven, even though I have enough money to pay it back.
Loans 205k.
I'm thinking of starting my own non-profit, becoming an employee, and working for myself for 10 years and getting the loans forgiven.
Ideally I could get grant funding for the 501c3, but I'm struggling with the details on the PSLF program.
The 501c3 would of course be legitimate and I have plans to add value to my target demographic.
I called the Ed financial service number to ask if this was feasible, they said they'd get back to me and never did.
What are the minimum hours I need to work?
Is there a salary/hourly rate minimum required to be eligible?
Does interest accrue on the loan while I'm in the program and making payments?
How are my payments calculated while I'm in the program? One concern of mine was even if I'm eligible for the PSLF program, if my income is high throughout the ten years, will my loan payments also increase substantially and this render this whole gambit unsuccessful?
What happens if my non-profit doesn't have enough funding for my wages in that 10 year period? Do I get put in another loan repayment program while I'm not being paid by my non-profit? Essentially I guess what I'm wondering is do I have to work 10 continuous years for a non-profit to be eligible for loans forgiveness?
Is there a risk of the PSLF program not being around when it's time to get them forgiven?
Will I have to make a large tax payment on any forgiven loans through the PSLF program?
Slightly unrelated,
Can I negotiate my loan amount by offering a large lump sum to the lender? I might be able to stomach that.
I appreciate any and all help! Thank you for your time and help.
TL;DR - I want to start my own non-profit and work for it so I can get my loans forgiven, even though I have enough money to pay it back.