I finished grad school almost 2 years ago and have about 100,000 in loans (both subsidized, unsubsidized and gradPLUS). I am on an income contigent repayment plan. I am in a health profession and there appears to be a loan forgiveness program where they forgive all of your loans after working full time in certain health professions after making 120 payments. (I say appears because no papers are yet available as no one is yet eligible).
My question is – assuming loan forgiveness for me in around 2019 – should I be worrying that as I have made payments every month (just the minimum) for the last 18 months, that my total balance has not changed at all? In fact, with interest it is now 106,000 and since I have been paying I feel it has increased by like another 200 dollars…. Every time I look at it I get panicked and never know who to ask for advice. Appreciate any insight you have for me. Even suggestions on what type of financial advisor would be good to consult. Just don’t want to make things worse for me in the future. Thanks!!
Yes, last I checked the programs for loan forgiveness require you to make timely payments over the ten years.
There is a public service loan forgiveness program but these are the eligible participants.
The borrower must be employed full time (in any position) by a public service organization, or must be serving in a full-time AmeriCorps or Peace Corps position. For purposes of the Public Service Loan Forgiveness Program, the term “public service organization” means –
You can find more details on the program, here.
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