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Author Topic: to pay or not to pay  (Read 854 times)

mebsy29

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to pay or not to pay
« on: March 04, 2017, 10:38:30 AM »
I went to college for art and decided to pursue it further and (mistakenly) attended an expensive graduate school. I currently owe a little over $100,000 in student loan debt. There are minimal opportunities in my field (obviously), and when there are, the pay is garbage. I'm making just over 30K a year. The only silver lining is that my loans are all government and so I'm on an IBR plan. Only 23 years to go -_-


I heard horror stories of people on FSLA plans who paid more per month than what they owed, and so they were disqualified for the 10 year forgiveness plan.

My question is, if I really decided to buckle down and pay as maximimum (so this would be MUCH more than my monthly payment) would I be disqualified from the 25 year forgiveness plan? Is it possible to pay more, and keep the IBR plan/25 year forgiveness?

Is it even worth it?

Sincerely,
Livin' on a loan prayer
« Last Edit: March 04, 2017, 12:01:09 PM by mebsy29 »

TheCollegeInvestor

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Re: to pay or not to pay
« Reply #1 on: March 04, 2017, 01:44:33 PM »
If you pay more, you won't be disqualified - but it's based on your income so you won't likely be able to afford much more to make a dent.

I'm guessing your meant PSLF (public service loan forgiveness). There are horror stories, but there will likely be 99.99999% more success stores. Plus, it doesn't change anything with your loan. You have to certify your income for 10 years, and then it's forgiven - it's not like you pay a different amount or something.

We have a video tutorial on what to do, I highly recommend you check it out: http://thecollegeinvestoracademy.com/courses/public-service-loan-forgiveness-training