Waiting for Public Service Loan Forgiveness? You May Want to Reconsider Your Repayment Plan

If you're close to receiving loan forgiveness through the Public Service Loan Forgiveness (PSLF) program, you may want to consider switching to another repayment plan. The PSLF program has finally started paying off millions in federal student loans for teachers, nurses, and other public service workers. However, recent legal challenges have thrown a wrench in the plans of many borrowers pursuing PSLF.

The SAVE repayment plan is currently on hold pending circuit court rulings, which may delay your forgiveness timeline by several months or even years. If you're nearing the end of your repayment period, switching to another income-driven repayment (IDR) plan could help you wipe out your student loan debt faster.

However, experts recommend that borrowers with loans in the SAVE plan hang tight and wait for a resolution. With up to 10 years to go, the small delay may not be significant.

For those nearing forgiveness, switching to an IDR plan can allow you to finish up your monthly payments, apply for forgiveness, and be done with your loans.

Source: https://www.cnet.com/personal-finance/loans/waiting-for-public-service-loan-forgiveness-you-may-want-to-dump-save/#ftag=CAD590a51e