I told you guys a few posts ago that I was bored at work and I found that I could qualify for a 15% cancellation of my Perkins loan. Well I heard back and I qualified!! Woo hoo! The original loan balance was for $8,310.93. It is now down to $6,960.93; a reduction of $1,350! This is actually a decrease of 16.2%. They apparently base the 15% on the original loan amount which was for $9,000. I am pretty excited about this. This was one of our biggest loans with a 5% interest rate.
As exciting as this is, I am going to call them on Monday and ask them why I did not get the other 15% decrease. I should qualify for another 15% cancellation because I have been teaching for two years in an area of need at a Title 1 funded school. I know I am being greedy, but I definitely need another 15% forgiven. That would be a total of $2,700. Next year, this number will go up to 20% forgiven.
If you have student loans, please go scour the internet for different forgiveness options on your student loans. They have all kinds of forgiveness for different areas of public service, so be sure you look. It could definitely pay off! If you have questions, I will be happy to help!
Nice! I was just talking about loan cancellation/forgiveness with my husband today. PSLF (public service loan forgiveness) is the best out of the bunch, forgiving 100% and it's not considered taxable income like other repayment/forgiveness plans. Now I just have to find a full-time public service job!
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