I earn just over $40,000/year as a teacher but have student loans of over $100,000. How can I pay them off? (via MarketWatch Picks)
Question: “I’m a 33-year-old fourth-year teacher earning $41,098 a year before taxes with about $103,000 in student loans. I still live with my parents because I can’t afford a mortgage or get a loan because my credit is poor from the student-loan debt. What are my options?”
There are four income driven repayment plans including Revised Pay As You Earn , and they’re designed to maintain affordable monthly payments relative to income. Each comes with eligibility requirements as well as caveats to consider . Depending on the plan, the repayment term will be either 20 or 25 years and the percentage of discretionary income will be 10%, 15% or 20%, says Mark Kantrowitz, author of “How to Appeal for More College Financial Aid.
Student loan forgiveness There are two loan forgiveness programs public school teachers can potentially qualify for – Teacher Loan Forgiveness , which experts advise as a first step, and Public Service Loan Forgiveness . “This borrower might want to take advantage of a limited waiver that’s currently in place that would count any payments that were made while working for an eligible employer,” says Helhoski. “It went into effect a couple months ago, and it’s going to be in place until the end of October.”
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