Best Income Driven Repayment Plan For Pslf

Which income driven repayment plan is best for pslf.

Best income driven repayment plan for pslf. Employees of qualifying not for profit and government employers might be eligible for pslf after 120 qualifying payments. As most of you know it feels like you need a professional degree to understand how the student loan repayment system works particularly for those of you looking for public student loan forgiveness which is an added layer of complexity on top of the income driven repayment plans. However if public service is your desire and you meet all the criteria for eligibility you could benefit by combining pslf with an income driven plan and experience loan forgiveness in a shorter period. Hi i am wondering which plan would be best for me.

Plus all four income driven repayment plans meet the requirements for public service loan forgiveness pslf if you plan to pursue forgiveness under that program. I am consolidated now since i think i will be continuing to work in public service. If the borrower qualifies for pay as you earn paye they should choose that repayment plan as it is the best of the four income driven repayment plans. The paye plan offers low monthly payments and works great for both single and married borrowers.

Other loan forgiveness options available with the income driven plans take 20 or 25 years to realize. The problem is that most student loan borrowers aren t eligible for this plan. But it s critical to understand exactly how that works. If you re looking for the lowest monthly payment paye or repaye could be your best options since they cap your bills at 10 of your income.

Income driven repayment plans can result in loan forgiveness. I have been using the ibr this whole time. So if you make 30 000 your discretionary income would be 11 265. I have been working in public service for over 10 years but sadly i never consolidated my loans into the eligible versions.

But only borrowers who have no loans prior to october 1 2007 and at least one loan disbursed on or after october 1 2011 will qualify. Plsf repayment plan.