• Welcome to The Student Loan Debt Forum | The College Investor. Please login or sign up.

teacher looking for help with $60K in student loans

Started by vickih08, August 13, 2015, 01:16:34 pm

Previous topic - Next topic


I'm about to start my 6th year teaching and just finished a 2 year Masters program with now a little more than $60K total in student loans. How do I know which loan forgiveness program is best for me? I currently have my loans serviced through Fedloan Servicing.  When I called them they didnt offer any type of forgiveness plan to me. They told me that my payments would be $825 for 10 years.  I'm a teacher and make $45K gross. My husband is a teacher too.  Does his income count too? I know I can't afford payments of over $800 a month.  We also have our first baby coming early Spring...feeling the financial pressure and not sure which way to turn?? Any advice is greatly appreciated!


As a teacher, you qualify for PSLF - Public Service Loan Forgiveness.  If you teach for 10 years you can have your loans forgiven. The 10 years starts after 2007, but you have to get your teaching certified, so if you didn't already, that could be a challenge.

This applies to your husband too.

As for your payment amount, you can switch to an income based repayment plan, PAYE or IBR. It will lower your payment to less than 10 or 15% of your discretionary income. Then, combined with PSLF, you'll get forgiveness after 10 years.

Sorry that the FedLoan servicing representative didn't communicate that better to you. If you don't want to talk to them, you can sign up for all these programs on StudentLoans.gov. It's usually easier to do it this way.

You can learn more here:
- PSLF: http://www.forbes.com/sites/robertfarrington/2015/04/27/understanding-public-service-loan-forgiveness-pslf/
- IBR or PAYE: https://thecollegeinvestor.com/11856/secret-student-loan-forgiveness/