Rebecca Ballhaus
speaker
97 appearances
1 recordings
1 series
first heard Apr 2022
last heard Apr 2022
Rebecca Ballhaus’s voice in public audio — every appearance, attributed to the second.
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Appearances
Right.
So like you mentioned, there are the income-driven repayment plans.
Those forgive the balance of your loan after 20 to 25 years.
Beyond that, there is a 10-year public service loan forgiveness program that is intended for borrowers who work for a nonprofit or a government agency, and they can pay a smaller monthly amount that's based on their income and then get their loans forgiven after 10 years.
But it's not quite as simple as it sounds.
It is something that you need to be very careful about if you're thinking about enrolling.
The program has made headlines in the past because just a fraction of applicants who were supposed to be eligible for forgiveness actually got it.
And since then, the Biden administration has moved to make a lot of changes to the program and make it much simpler.
But there's still a lot you need to keep in mind if that's something that you're planning to apply for.
Beyond that, there are also multiple federal and state forgiveness programs for health care workers, for teachers, for lawyers.
You just want to make sure that you read the fine print because a lot of these federal programs are intensely bureaucratic.
Their rules are really complicated and you might think that you're complying, but you may not be.
So it's just something to to read everything you can about.
That's right.
I mean, things always change in Washington.
You want to have your plan for a payment in place and have a sense of how you'll be able to start making those payments once those payments resume again, because it's very hard to tell at this point how much, if any, broad scale forgiveness is really going to happen here.
Thanks for having me.
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