Pay Off Loans Now or Use PSLF? Need Advice

Student Loans
1

Hallo…

I’m torn about whether to pay off my student loans in one big chunk or stick with payments. Just graduated from grad school, which ran me $21k at a 6.3% interest rate. If I paid that off, I’d only have $5k left from undergrad with a lower rate of around 3.5%.
I’m working in the public sector and plan to stay there for the next 10 years, so I’m trying to figure out if I should just knock out the debt now or keep paying and aim for Public Service Loan Forgiveness (PSLF). :frowning_with_open_mouth:
Not sure what’s the best use of my savings.

Your advice will be highly apppreciated…

2

High interest rates: Paying off your loans immediately can save you a lot of money over time if they have high interest rates.

3

It could be a smart alternative :zipper_mouth_face:if you have the money to pay off your loans without having a big impact on your lifestyle.

4

After making 120 qualifying monthly payments, your remaining federal student loans will be forgiven if you meet all the requirements. :relieved:

5

Make sure :smirk: you fulfill all the prerequisites for PSLF eligibility, such as working for an approved company and submitting approved payments.

6

Examine your alternatives, such as refinancing your debt or combining all of your loans into one lower-interest loan. :yum: