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What is the Best Way to Reduce My Student Loans Before Retirement from Head Start? – Ginger

Written by Steve Rhode


Dear Steve,

I’ve had private student loan with Navient for approx 50K. I have been paying interest only on this loan since inception in 2002. I have worked for Head Start for 15 years; which is allowable for loan forgiveness for about 10K. However not under Navient.

I am retiring in 17 months. June 2018.

Do I pay as much as I can toward principal during the next 17 months or cont paying the interest only?

What is my best option to reduce this loan prior to retirement?



Dear Ginger,

Unfortunately private student loans are not eligible for total loan forgiveness after ten years of eligible employment like federal student loans are. Nor are they eligible for graduated forgiveness under a teacher cancellation program. It sounds as if you might be aware of some private student loan program that may provide some benefit to you. I am not aware of such a program for private student loans.

The logical answer to reducing the amount of your private student loan before retirement is to pay as much as possible towards the loan balance.

It pains me to know you’ve paid 14 years of just interest only to have the same balance looming.


You are not alone. I'm here to help. There is no need to suffer in silence. We can get through this. Tomorrow can be better than today. Don't give up.

About the author

Steve Rhode

Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.


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