Yeah that's what the William D Ford act put in place--ICR/IBRs and PSLF. You should look into applying for PSLF (Public Student Loan Forgiveness), which cuts your necessary payments down to 10 years (maybe 15? Can't remember--it's definitely less than the standard.) if you qualify as a public servant (non-profit, government jobs, religious institution, good swathe of medical positions, etc). Not sure if they will grandfather in previous qualifying payments, but it should still save time.

But if you can get it wiped after 2 years, that's fuckin sick. Get after that $50k bonus.

2 years? Nice lol

Thought that was a 10 year vs 25 year thing

Ah, I have heard of the PSLF, but was unaware of the connection to the William D Ford Act.

I think another issue that compounds the student loan crisis is that it takes a good deal of financial knowledge to navigate and understand what is and is not good loan conditions, which repayment plans to setup, and which forgiveness programs exist that you may qualify for. I'm very fortunate that my mom used to work for the California Student Financial Aid Commission, so when I first started looking at college she was very knowledgeable about loan options, repayment plans, grants, etc.

If our family hadn't had that knowledge, we would have been screwed or needed to do Go to School 101 as I'm the first in my family to attend college. I know a handful of people who went through like, private student loans with a pretty hefty interest rate, and they're not even aware of what exactly their repayment options/plan really is. They just know their starting loan was X, and their interest is Y.

Yeah, and for the shorter plan (PSLF), the acceptance rate so far has been .85%. Loan servicers are absolute cunts and will do anything in their power to squeeze you for every penny of profit, despite the fact that they get paid the outstanding balance of the loan from the government...

But muh free marketz provide 4 all

Private loans are so fucked. There's no support. At least for public loans you have some protection from predatory loan practices.

The 10 year plan is mostly (as far I'm aware) for public service positions, which is more broad and not necessarily as intense of positions under the NHSC. Bard mentions those in his post. They're definitely a great option, and certainly a backup plan for me.

If I can do 2 years at a NHSC qualifying agency and then get my loans wiped, then I can grin and bear it. The dream is to become a therapist for adults/couples/non-monogamous folks and also teach Psychology classes as a community college. So in and out for 2 years and then be debt free sounds great.

This post was edited by Handcuffs on Oct 10 2020 03:53pm

one of the proposals is that student debt would only be forgiven by meeting certain requirements such as

taking out government student loads
going to a public university
finishing your degree

Apply right now. I'm fairly sure they don't grandfather in previous things, so start the contingency plan now. That way if your 2 year thing doesn't work out, you're already 2 years into PSLF.

Yep I just read up on it

2 years is insane man. Go for it. Well actually depending how much you're starting pay you could probably pay it off in 2 years if you live frugally

Would rather have their major pay for it based on the job they can get when they graduate

Too many people going to get a college degree when they shouldnt and it's not even free lol

This post was edited by Ramy on Oct 10 2020 03:56pm