Eligibility: Income/Assets
The applicant must demonstrate that he/she would face undue financial hardship if required to repay the loan in full without some financial support, i.e.:
- Qualifying applicants with adjusted incomes (refer to Example Calculation navigational tabs) as determined by the GSB FAO at or below $98,000 are eligible for full loan forgiveness of their annual loan payments for that award year.
- Qualifying applicants with adjusted incomes (refer to Example Calculation navigational tabs) as determined by the GSB FAO above $98,000 may be eligible for a percentage for loan forgiveness of their annual loan payments for that award year.
- In calculating the applicant’s adjusted income, the FAO will include other taxable income (e.g. interest income, dividend, etc) and non-taxable income (e.g. contributions to 403B, 401k).
The income eligibility for full GSB loan forgiveness is updated annually, and based on a percentage of the median base salary and other compensation of the prior year's graduating class at the GSB. The income eligibility information typically is updated each year in the month of October.
Assets may be considered in our adjusted income calculation. Although a reasonable amount of assets will not disqualify an applicant, substantial amounts of assets may lead to a reevaluation.
