As the title says my grace period ends in July. I have a total balance of $29,592.30 and I roughly make $1,100 with my part time job. I am currently applying to better jobs in policing which will drastically increase my income. I would like to ask for advice for what to do now as well as what to do when I get a better job.
As of now I have two Unsubsidized Direct Loans totaling $25,415.77 at an interest rate of 8.08% and one Unsubsidized Direct Loan for $4,176.53 at an interest rate of 7.94%. According to the financial aid simulator on the studentaid website I could make a payment of $360 a month for 120 months which would mean I would be paying about $43,196 by February 2036.
Now from what I understand, if I get a job for any of the policing jobs I applied for, I would be eligible for the PSLF program. However, what's confusing is that when I have this option checked, it says that my monthly is $0. Why is that? I thought I had to pay for 120 consecutive months for the forgiveness to apply.
Is paying $360 a month a good idea? If not what should I do? If I am eligible for the PSLF program would I be able to skate by paying a the lowest amount possible so after 120 payments it’s all forgiven?
Grace period ends in July, what do I do?
byu/ItsKendrone inStudentLoans
Posted by ItsKendrone