How should a repayment plan be chosen?

Student Loans
1

Hi there, I’m having trouble deciding which option to go with, so I need assistance. Because the SAVE plan appears to be eligible for PSLF and has modest payments, I’m leaning toward it. I’m not sure if I’ll work for the government, but if I do, I would like to be able to choose to have my debt canceled.

Important details

60k is the total amount lent.

Revenue: around $80000.

High COL region.

Debt on credit cards: $25,000 (with 0% interest cards for the upcoming year)

In order to assist me land a higher paid career, I studied computer science and am currently pursuing a few certifications. If that’s crucial information, I’m not sure I can surpass the 100,000 level, but I’ll be working hard at it.

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Hey, it depends on the interest rate and the investment you’re making.

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Choosing a repayment plan involves assessing your financial situation, including income, expenses, and debt levels. Consider options like standard, graduated, or income-driven repayment plans. Evaluate interest rates, monthly payments, and loan terms. Use online calculators to compare plans, and consult with financial advisors or loan servicers to ensure the chosen plan aligns with your long-term financial goals.

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Tip No.1- Identify Your Financial Objectives: Prior to choosing a repayment plan, it’s critical to recognise your financial objectives.

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Check How Well You Can Repay: This rating shows how well you can pay back the money you owe. It looks at your income, spending, and debts. Knowing this rating helps you see if you can follow different payment plans and pick the best one for you.