Hello there,
I currently have about $35,000 in student loans.
Loan A: $20,356.48 at 5.840% and Loan B: $14,068.46 at 6.840%
Salary: $55,000 or $3,500/month after taxes.
I will start my first year of teaching this September, but I believe I will qualify for Teacher Loan Forgiveness ($17,500) in 5 years.
My question is if I should just pay off my loans ASAP, or use a payment plan that will pay off the entire amount minus $17,500 over 5 years so that I can collect the loan forgiveness.
I figured that the $17,500 is going to look more like $10,000 from paying back the accrued interest if I went into forbearance for the 5 years I need to wait for the loan forgiveness, but I don't know if it justifies prolonging my debt for that long.
Any help is appreciated and feel free to correct me, as I am not very familiar with finance!
Submitted June 15, 2017 at 12:26AM by TheLordofRiverdance http://ift.tt/2rtIc6Y
