That, along with a one-year master’s degree program, also at USC, left her with a debt load of 2,348 in federal loans, plus about ,000 in private loans.
Now, despite her efforts to learn about her options, she’s confused about the best way to pay those debts down.
After a decade of payments, whatever debt is left over will be forgiven.
“The sooner you start payments, the sooner you get forgiveness,” notes Fred Amrein, a financial planner in Wynnewood, Pa.
In most cases, including Talbert’s, Public Service Loan Forgiveness will be a better financial deal than the Teacher Loan Forgiveness.
That means she needs to update her annual income, based on her most recent tax return, with her loan servicer.That’s because her spouse’s income won’t affect her loan payments under PAYE as long as the two of them file separate tax forms.If she doesn’t qualify for the Pay As You Earn plan, Talbert should enroll in the newer Revised Pay As Your Earn (REPAYE).only to find out that you don’t qualify,” Ferastoaru says.There are some important ongoing steps in pursuing PSLF that Talbert needs to be aware of.