The time has finally come for student loans to begin repayment. I never had to repay federal loans or really think about my options. COVID hit and quarantine happened in my last semester of college, so I was already going to have the six-month grace period after graduation to begin repayment and figure out the best option for that.
But that six months turned into three years, with a lot of potential changes such as loan forgiveness. Ultimately, nothing came of it, and here I am thinking of what repayment plan option is best. Prior to COVID, I knew some of the basics of repayment options such as loan forgiveness for certain professions and income-driven repayment plans. I explored those options again since my income and family size have changed. I am not eligible for the public service loan forgiveness as I have not made enough payments. However, I may be eligible at some point due to working in the public service field. They have a new option called “SAVE” for an income-based repayment plan, which I applied for. From what it looks like, it considers your income and your family size for the repayment amount and helps save on interest. I plan on learning more about this plan. As of now, this seems like the best option, and it is something I will be discussing with my coach to make the most educated decision that fits in my budget.