To count toward your necessary 120 payments, a payment must be paid under a qualifying repayment plan which includes any income-driven plan, the standard 10-year plan, or any other plan with payments that are at least equal to what you would have paid under the standard 10-year plan.
Note: Since you have to make 10 years of qualifying payments to be eligible for the PSLF program, the standard 10-year plan wouldn’t usually result in any actual loan forgiveness. However, if you made several payments using the 10-year plan, and then switched to an income-driven plan, the payments made under the 10-year plan would count toward your required 120 payments. Because of this fact, Income-Driven Repayment Plans make the most sense if you are seeking to take advantage of the PSLF program., a payment must be paid under a qualifying repayment plan which includes any income-driven plan, the standard 10-year plan, or any other plan with payments that are at least equal to what you would have paid under the standard 10-year plan.
Note: Since you have to make 10 years of qualifying payments to be eligible for the PSLF program, the standard 10-year plan wouldn’t usually result in any actual loan forgiveness. However, if you made several payments using the 10-year plan, and then switched to an income-driven plan, the payments made under the 10-year plan would count toward your required 120 payments. Because of this fact, Income-Driven Repayment Plans make the most sense if you are seeking to take advantage of the PSLF program.
You have written a very informative article. I get inspired by the writing skills of the writer. I must share this one with my good friends. Now it's time to avail water bottle for more information.
ReplyDelete