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Liz Weston: Teacher with student loan debt may qualify for public service program
Updated Jan 30, 2021;
Posted Jan 30, 2021
The CARES Act eliminated required student loan payments and temporarily reduced the interest rate to 0%, for government-owned student loans.Chris Morris, Advance Local
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By Liz Weston
Dear Liz: I’m a teacher on an income-based repayment plan for my federal student loans. I don’t qualify for any loan forgiveness programs for teachers because I teach in an affluent area. Right now, interest and payments on federal education loans have been suspended because of the pandemic.
I’m trying to decide what to do when payments have to restart. Should I pay down a chunk of the loans from the money that accumulated in my savings from not having to make loan payments since April? Or pick back up where I left off with making near-double payments to get down the principal (slowly) and pay off loans in another five to six years? Or only make the mi