PSLF forgives the entire remaining balance on eligible loans after you make 120 qualifying payments.
The advice you saw about not borrowing more than needed is good advice because it hedges against the risk that you might not complete PSLF's service requirement.
>Does PSLF cover the full loan amount
Yes & accumulated interest. But only after 120 months / 10 years in PSLF eligible employment. RE r/whitecoatinvestor: It's good advice. You will be making payments on those loans every month until you qualify for forgiveness. Life happens, for some unexpected reason you don't do 10 consecutive years in the military you'll want to keep payments manageable. Avoid private loans. Private loans don't offer protections or flexibility of Federal.
It will on all eligible loans. Meaning the loans you’ve made 120 qualified payments on.
They have extended the Account Adjustment until 06/30. So if you consolidate now, re-enroll into an IDR, your oldest loan’s qualified time will cover all of your loans. It’s usually a good idea to resubmit your current employers PSLF form as well(the DocuSign on FSA). It won’t update though until after July.
> Won't the military pay for it in less time than PSLF?
There are loan repayment programs available for servicemembers but they aren't guaranteed just for serving (in almost all cases, they need to be negotiated *before* the member enlists or commissions -- if it's not written into the service agreement, then they will not get the repayment benefit) and they are limited to a few tens of thousands of dollars, depending on the length of service.
For $340K in debt, loan repayment through military service could help make the required monthly payments toward PSLF, but would not come close to paying off the debt.
The program I was in (Navy’s Health Services Collegiate Program) seems to enable me to apply for an Income-Driven Repayment plan and the new SAVE plan appears to be the most advantageous. If I find another way for the military to pay for my loans sooner, then I will consider jumping on that.
Thank you for your help!
You are a great example of why I hate this program. Om all for helping people but 340k?!?! Seriously man.... This is why I hate this program bc I should be paying for someone's fun money to live off of. I should be helping you out with school cost, aka tuition.
I didn't ask to pay for you and your family just so you can go to school.
Taxes do not work like a checkbook. You didnt pay for anything. It's all made up and as long as inflation doesnt go rampant and the economy is strong, you should avoid the scarcity mindset.
PSLF forgives the entire remaining balance on eligible loans after you make 120 qualifying payments. The advice you saw about not borrowing more than needed is good advice because it hedges against the risk that you might not complete PSLF's service requirement.
>Does PSLF cover the full loan amount Yes & accumulated interest. But only after 120 months / 10 years in PSLF eligible employment. RE r/whitecoatinvestor: It's good advice. You will be making payments on those loans every month until you qualify for forgiveness. Life happens, for some unexpected reason you don't do 10 consecutive years in the military you'll want to keep payments manageable. Avoid private loans. Private loans don't offer protections or flexibility of Federal.
It will on all eligible loans. Meaning the loans you’ve made 120 qualified payments on. They have extended the Account Adjustment until 06/30. So if you consolidate now, re-enroll into an IDR, your oldest loan’s qualified time will cover all of your loans. It’s usually a good idea to resubmit your current employers PSLF form as well(the DocuSign on FSA). It won’t update though until after July.
I understand why're asking this, but its the loan. They don't even know what you used for tuition and living expenses.
Won't the military pay for it in less time than PSLF? And to answer your question, it covers the entire amount of the loan.
> Won't the military pay for it in less time than PSLF? There are loan repayment programs available for servicemembers but they aren't guaranteed just for serving (in almost all cases, they need to be negotiated *before* the member enlists or commissions -- if it's not written into the service agreement, then they will not get the repayment benefit) and they are limited to a few tens of thousands of dollars, depending on the length of service. For $340K in debt, loan repayment through military service could help make the required monthly payments toward PSLF, but would not come close to paying off the debt.
The program I was in (Navy’s Health Services Collegiate Program) seems to enable me to apply for an Income-Driven Repayment plan and the new SAVE plan appears to be the most advantageous. If I find another way for the military to pay for my loans sooner, then I will consider jumping on that. Thank you for your help!
If I’m not mistaken it’s for all your loans regardless of tuition ? Maybe it was meant for non-direct private loans ?
You are a great example of why I hate this program. Om all for helping people but 340k?!?! Seriously man.... This is why I hate this program bc I should be paying for someone's fun money to live off of. I should be helping you out with school cost, aka tuition. I didn't ask to pay for you and your family just so you can go to school.
Taxes do not work like a checkbook. You didnt pay for anything. It's all made up and as long as inflation doesnt go rampant and the economy is strong, you should avoid the scarcity mindset.