Related Posts
Mentor
Subject Expert
More Posts
Subject Expert
Anonymous User
Additional Posts in Student Loans
New to Fishbowl?
Download the Fishbowl app to
unlock all discussions on Fishbowl.
unlock all discussions on Fishbowl.
That was just a preview…
Sign Up to see all discussions
Sign Up to see all discussions
- Discover what it’s like to work at companies from real professionals
- Get candid advice from people in your field in a safe space
- Chat and network with other professionals in your field
Sign up in seconds to unlock all discussions on Fishbowl.
"" is an unusual email domain. If correct, please proceed to the next step
Messaging rates may apply
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
New to Fishbowl?
Download the Fishbowl app to unlock all discussions on Fishbowl.
Share
Embed this post
Copy and paste embed code on your site
Preview
Download the
Fishbowl app
Scan your QR code to download
Fishbowl app on your mobile
Sign up for free to view this conversation on Fishbowl
Sign up for free to continue using Fishbowl
Messaging rates may apply
What makes you think part of them might be forgiven? Are you part of some program through your work or something that forgives part of your loans? I would pay as little as you can on them but still keep paying so you aren't just racking up more debt.
What type of loans? How much and what is the rates? I wouldn’t bank on them being forgiven in the near future. Unless you are under certain income threshold’s and plan on paying for greater than 10 years.
Rising Star
The money you’ll spend on the 7% interest while hoping for forgiveness will definitely outweigh the potential forgiveness itself. Just pay it off or refinance it at a lower rate if you want to keep some cash.
Hmm.. you're an accountant, so you likely have an annual earned income amount that is too high to qualify for low income or Public Service forgiveness.
Unless you have held that student loan debt for more than 10 years (I think that's the number, it may be 20), or plan to (and don't mind risking accruing the added interest on the unpaid principal) I wouldn't bet on having your student loans forgiven, despite what certain political administrations want you to believe to get your vote.
If you have a significant amount of federal loans, do income-based repayment and pay as little as you can until they get forgiven. Honestly that's what a lot of people do. It's more like a subscription service than a loan you're paying off if you think of it that way
I tried doing income-based and the payments would be higher than what they are now. I even tried it with the new SAVE plan. It doesn’t make sense.
If there is not an established loan forgiveness pathway that would cost less than paying off your balance, pay them off. I would not bet on new large scale student loan forgiveness in the current political climate.
I would just pay them off. Unless you work for a non-profit it's very unlikely they will ever be forgiven. I have similar loans as you (37k with an average of about 5% interest) and I currently have to pay about $140 a month just for interest. I've been on the SAVE plan for almost a year and my overall balance has gone down maybe a couple hundred dollars while paying more than the minimum due (though not much more). If you're worried about a portion being forgiven in the future, then pay off a good chunk of your loans now. All except maybe like 5-10k so you won't have to pay so much in interest every month.
How much do you make that the SAVE plan works for you? Because for me it didn’t, it sets my payments higher.
If any “forgiveness” actually happens, it will be on government loans only. If you have a private loan, i.e. 3rd party, then there’s no chance a bank or other finance company will be forgiving any portion of it.
Why would that scare you? Sounds like a good possibility.
Because if it does happen and I would have waited, I could have had paid less money ( receive forgiveness alone with everyone else.)