Graduated college 12/16, Began working as SPED teacher in low income school and am still there ( in my 3rd consecutive yr)
Currently - Direct Consolidated Loan 240 payments, level payments. Current Balance ~$24,300
Direct loans with My Great Lakes - did a Direct loan consolidation early 2017. When the consolidation was said and done, it was a 20 yr loan. I was confused, thinking it was a 10 year (120 payments) so called MGL, where I was told all consolidated direct loans were 20 yr term. I don't even recall an option for 10 or 20 yrs when filling out the documents for the consolidation.
I have emailed MGL annually to verify i'm on the right track for the TLF, with direct consolidation loan. Each time they have replied back yes. Not once was the discussion/suggestion/warning of income based payment being needed brought up.
I have since discovered that, it seems, that not only the direct loan must be a 10 year plan and also paid with income driven payment plan. Is this correct? I guess I'm out of luck for the time I've already worked / paid thus far counting toward any loan forgiveness.
If so, what steps do I need to take to get on the right track?
First: Apply for Income Based repayment plan
Second: Apply for another direct reconsolidating loan for 10 yr? (which i'm not sure where to turn with MGL saying they only do 20yr )
I want to make sure I do the right order of things so I don't shoot myself in the wallet again....