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I have DL Consolidated Subsidized and Unsubsidized student loans and some of them were taken out 15+ years ago. They are a combination of undergraduate and graduate loans. They total approximately $91k ($50k as DL Consolidated-Subsidized and $41k as DL Consolidated-Unsubsidized). I consolidated back in 2017 and have not really been paying them back due to forbearance/deferment and COVID. My repayment plan is currently "Alternative Under Revised Pay As You Earn". With all the recent news on student loan forgiveness and repayment plans, I have some questions:
In my current position, what would be the best plan to apply for?
How do I find out how long it would be until my loans will be forgiven? I believe it's after 25 years, but I don't know when that date would start.
What are good sites/books/podcasts to learn more about the topics and my options?
Thanks!
If your income is eligible (I believe the new cutoff is 225% of the poverty line), you may be eligible for the new SAVE repayment plan. Under this plan, which goes into effect in August, forgiveness timelines are shortened and monthly payments are reduced (you can find more info here: https://studentaid.gov/announcements-events/save-plan). That said, you still have to make the monthly payments to qualify for forgiveness eventually, so I'd focus on creating a budget now for when payments restart in October. I found this article useful.