Teachers: The Ultimate Guide to understanding your Student Loan Repayment Options and three ways to get them FORGIVEN
You no doubt became a teacher based on your love of children and education and not for the money. Starting teacher salaries aren’t that high and if you’re also dealing with the burden of student loans, that salary may seem lower still. But the good news is that there are some great programs teachers can use to get their loans forgiven or cancelled simply by doing their job.
When it comes to your student loans, you have a LOT of different repayment options, and if you’re feeling confused about which one to choose, you’re not alone.
This stuff gets complicated FAST, and to be honest I had to take a refresher course myself recently just to make sure I knew exactly what to recommend to my clients. In this guide I’m going to use what I’ve learned to help you answer one specific question: “Which student loan repayment plan is right for me?”
By the end of this guide, you’ll know which repayment plans to avoid, which ones you might qualify for, and why you would choose one over the other.
Specifically, you’ll have the tools you need to answer three big questions:
Which repayment plan is most affordable right now?
Which one will save you the most money over the long term?
Which one will help you pay off your student loans the fastest?
Whether you’re about to embark on a pay down strategy or you’ve been paying down for years, read on for an overview of options and consideration that may help you determine if you’re on the right path.