Questions about public service loan forgiveness program

[tttcomrader]

Hi, I recently finished a M.S. in math and I'm holding a full time math teaching position at a community college in SC. I have over 40k school loans and I'm schedule to start making payment this July.

My question is that, am I qualify for the public service loan forgiveness program? It is a public school, but it ain't K12, does it matter?

Also, I understand that if even I'm qualify, I will have to make ten years old payment plus be working in this college for ten years before the gov't will pay my loan, well, the repayment plan is supposed to be for ten years, so should I contact them and try to negotiate another payment plan like the income-based payment plan?

Thank you!

[fadeindreams]

1) If you're on standard, yes, you'll pay it off in 10 years. You need to be on Income Based Repayment (IBR) or Income Contingent Repayment.

2) I think that Community College teaching qualifies for PSLF. Still, you should try to confirm it.

3) Here's the official webpage of all things PSLF - http://studentaid.ed.gov/PORTALSWebApp/students/english/PSF.jsp

4) You'd have to be making a paltry income in order to have an IBR that is low enough to have any remaining debt after 10 years starting at 40k.

5) You don't have to work 10 years consecutively you just have to have 120 months in a qualifying job on a qualifying payment plan. You could switch jobs and all of that.