Don't refinance at a higher rate.

Don't refinance at a higher rate.

I was going to suggest writing it off, but if you don't that leash's advice makes a lot of sense.

What does refinance mean?

Because I'm on the #slowtrack I've been considering this. Anyone have any experience doing this? If so what are some dos and don'ts.

Is that program still being floated where the entire loan is forgiven ? Public service job, 10 years minimum of making your payments , etc to qualify? T

Yes. You have to work for a 501c3 company, make a minimum of 10 years worth of payments on a qualified repayment plan option.

That last part is tricky. Only the most "expensive" repayment options qualify.

That system never made sense to me.

You had to be on a ten year repayment program. And after ten years of payments, your loan is forgiven? Um, it's paid off in ten years, not "forgiven."

And you've paid more in interest than you'd "save" at the end...

Yes. You have to work for a 501c3 company, make a minimum of 10 years worth of payments on a qualified repayment plan option.

That last part is tricky. Only the most "expensive" repayment options qualify.

My wife is doing this. only 5.5 more years to go!

Just a note, but when you hit that 10 year mark, whatever is discharged must be declared as income and you'll have to pay income tax on that amount. Depending upon your bracket that may be 25% on the "forgiven" amount

Just a note, but when you hit that 10 year mark, whatever is discharged must be declared as income and you'll have to pay income tax on that amount. Depending upon your bracket that may be 25% on the "forgiven" amount

Ehhh you sure about that?

https://studentaid.ed.gov/sa/sites/default/files/public-service-loan-forgiveness-common-questions.pdf

not according to this PDF.

3. Are loan amounts forgiven under PSLF considered taxable by the IRS?
No. According to the Internal Revenue Service (IRS), student loan amounts forgiven under PSLF are not considered income for tax purposes.