Latest Posts
Home > Reader Questions > Student Loan Forgiveness- How to survive the first five years?

Student Loan Forgiveness- How to survive the first five years?

I am currently teaching at a low income elementary school. Between my undergraduate work and graduate work at a private school, I have over 100K in student loans. I have looked into the teacher loan forgiveness program, but it seems that it will only forgive $5000, and only after five years. There has got to be another solution- There is no way I can pay off these loans on a salary of 39K! What should I do??


Get Out of Debt Free Hotline
debt settlement helpstudent loan help

About Consumer

This is information that was submitted by a third party and not generated by or Steve Rhode.
  • Mary Lorson

    Kathy–I know it seems impossible, but as someone who’s 20+ years down the line from where you are now, all I can advise is some kind of superhuman effort to economize and earn a little more. I’m sure you can do it. It is lamentable, however, that we’re being saddled with so much debt just for the education we’re told from Day One will bring us security and fulfillment. 

  • Kemcderm

    I am a single mother of 3. I have about 60K in student loans to become a nurse. My payments are over half of what I make. What can I do?

  • Britt

    My husband and I have ran into this same issue. The public servant loan forgiveness program is made to sound so appealing. In actuality, you have to make payments for 10 years before they actually “forgive” anything. So, you have to meet the income requirements to lower your payment before there’s actually anything left to forgive. He’s a police officer, I used to be a foster care worker so we understand the stess and low income as well. It’s just hard to get by in today’s economy, especiually if you have student loans. Hope you find a solution soon!

  • Nick Norton

    Consolidate your loans on the Federal Direct Loan IBR plan. It caps what you pay at a small percentage of your take home salary, and forgives loans after 25 years. Seems like a long time, but I’ve got a big loan and a small time job, and my payment has worked out to a total of $0 a month. It’s nice.

    • Caity

      I tried to do the income based repayment plan through Sally Mae, but since I am married they based it on our total income, which is around 79K (he is a teacher also), and said that we weren’t eligible for the IBR plan. We are on a graduated repayment plan which means for 2 years we are paying only the interest (about 700 a month), and after 2 years our payments will nearly DOUBLE, which we will absolutely not be able to afford.  
      It says that there are certain other requirements to have your loan cancelled out after 25 years… do you know what these other requirements are? 

  • Steve Rhode

    Take a look at this other recent question that might have the answers you are looking for.

  • Steve Rhode

    Take a look at this other recent question that might have the answers you are looking for.

Get My FREE Get Out of Debt Guy Newsletter

It is the smart thing to do.

I promise to keep your email safe and secure.


I want to keep you posted each weekday with just one email about the latest get out of debt news, scam alerts and information to beat back debt.

You can unsubscribe at any time with just one click.

After you subscribe, check your email to confirm your subscription. If the confirmation email does not appear in your inbox in a few minutes, check your spam folder for it. Sometimes it likes to annoyingly hide there.

  • It will keep you posted on the latest scams.
  • You will be alerted to the latest articles.
  • You will wind up smarter than everyone else dealing with debt.