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Public Service Loan Forgiveness.
As you plan your finances and your education/career, you need to know that you are NOT "grandfathered" into PSLF, no matter how many qualifying payments you've made. Here's why:
You apply for PSLF AFTER you have made ALL of your qualifying payments via an eligible, income-based repayment program. Unfortunately, this means that if it isn't there to apply for once you make that last payment, you can't apply for it. The income-based repayment plans and PSLF are completely and totally separate programs. All you do every year when you "re-certify" is get a piece of paper that says that your payments will be eligible IF PSLF still exists for you to apply for when you're done. (If PSLF were automatic, you wouldn't have to apply for it at the end of your payments ... see what I'm saying?)
@Anonymous wrote:
Why don’t you just budget to pay it back? You know it was a “loan” when you took it out right?
That's a completely different conversation.
According To Forbes, one can be grandfathered in and it has been part of previous bill proposals. The new law would affect new loans.
Since we are on the subject, there a big darn difference between being a teacher or public defender than being a consultant or tax attorney. Public service is hard, pays like crap, and is often thankless.
Even public universities can easily cost $100k for a BA and MA. Teachers generally make less than $50k. Do the math!
DON'T WORK FOR CREDIT CARDS ... MAKE CREDIT CARDS WORK FOR YOU!
@Shooting-For-800 wrote:According To Forbes, one can be grandfathered in and it has been part of previous bill proposals. The new law would affect new loans.
Since we are on the subject, there a big darn difference between being a teacher or public defender than being a consultant or tax attorney. Public service is hard, pays like crap, and is often thankless.
Even public universities can easily cost $100k for a BA and MA. Teachers generally make less than $50k. Do the math!
Yep. I'm a teacher and union official, with a PhD from a brick-and-mortar research university. I'm well aware of the math.