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teacher loan forgiveness postpone

Started by kgima3519, August 22, 2020, 02:47:39 pm

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kgima3519

Hello,

I'm a new teacher in Washington DC. I know that if I teach for five years in a high need school and in STEM, I'll get $17,000 in loans forgiven. I have $22,000 in loans. I have a monthly payment of $200.00 starting in December. If I don't postpone/defer this payment, I'll pay $12,000 in loans. 22,000-12,000 = 10000. I'll only get $10,000 forgiven. If I can somehow defer for 1-2 years, I'll eventually have to pay less b/c I'll get my teacher loan forgiven. Any ideas on how to postpone/defer my loan payment?

Thanks!

TheCollegeInvestor

Well remember, your loans are also always growing as well, unless your payments are fully amortized.

I don't recommend most teachers do Teacher Loan Forgiveness. Rather, I recommend Public Service Loan Forgiveness. That's 10 years, but you get total loan forgiveness. And, if you get an income-driven plan with a very low payment, you might pay less anyway.

Check this out: Public Service Loan Forgiveness.

Also see this: Student Loan Forgiveness For Teachers.