Public service loan forgiveness..anybody doing it?

mago8388 · Dec 3, 2015

10 years? That seems a bit long

FNP or bust · Feb 28, 2016

It sounds like a great plan and it's based on what you earn yearly, BUT if you make more than $60,000 you are basically paying off the loans in full anyway so it doesn't save you any money. Am I wrong? They take 10% of your yearly income when calculating your monthly payment.

achagolla · Mar 2, 2016

I just got approved for the loan forgiveness. I start paying back this month. I owe $60,000 and my monthly payment is less than $200 and the rest gets waived after 10 years. You have to reapply every year because they want to make sure you're still working full time and want to see if your income has changed. I think it's a great idea

NICUmiiki, DNP, NP · Mar 2, 2016

They take 10% of your disposable income and factor in your family size too.

I owe $55,000. With Pay as you Earn for 10 years, I expect to pay $25,000-$30,000 total. Not even factoring in interest, I stand to come out waaaaay ahead.

Right now, I pay $133 per month and I make about $60,000. My standard 10 year payments were over $500.

Creativetype · Mar 13, 2016

Hello all. I am just curious, do both of you who replied have families to make your payment lower? I find as a single guy if I make around $55,000 my payment is around $300 with that program. Do I need to get married and have kids? lol Thanks.

NICUmiiki, DNP, NP · Mar 13, 2016

I have 1 child.

Kristy NICU RN · Mar 14, 2016

I tried doing this I owe 48,000 and my payments were 600.00 per month. I said forget it! How did you get you payments so low?

NICUmiiki, DNP, NP · Mar 14, 2016

How much do you make? What's your family size? That's what determines your payment. How much you owe doesn't matter at all. Your payments sound like standard repayment not pay as you earn.