Feb 16, 2021
A big focus of our podcast is maximizing loan forgiveness when you owe a lot more than you earn in student loans. But what if your income grew to a point where it would cost more if you stuck with forgiveness? Should you abandon student loan forgiveness? Join me as I discuss all you need to consider when making the decision to pay off your loan and abandon forgiveness.
In today’s episode, you'll find out:
- How much money you need to make to consider abandoning loan forgiveness
- Why you should not abandon PSLF if you have accumulated qualifying credit towards forgiveness
- Why staying on forgiveness might be the best decision even when you can pay off the loan
- The circumstances that might force you to abandon forgiveness and pay off your loan
- The revised debt to income ratio for when it makes sense to pay off your loan
- How to know when forgiveness is no longer a good option
- Why you shouldn’t take a job just because it offers student loan forgiveness
- What would be the effect of a new PAYE plan with no tax bomb
- Why you might be unlikely to get student loan forgiveness
- Why your savings rate is the most important thing when thinking about abandoning forgiveness
- The reason why you should take the 20-year REPAYE plan if you go for repayment
- Why Biden’s student debt cancellation promise might not happen
Full show notes at: http://studentloanplanner.com/116
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