For the student loans
I get a cancellation in 2020 even with a balance so it doesn’t really matter that it gets paid off. Because I owe so much, I would never be able to make a regular payment so I am on the income based plan. it automatically cancels after 25 years of payments. yes, I know that TS would say that I should just pay it anyway, but this is one time that I plan on taking advantage of the cancellation. I pay 541 each month (installment loans for bad credit) and it barely touches the principal. We’re two moms with Ph.D.s so together we have 157,000 in student loans. Most of that is mine because my parents did not pay for my undergraduate years and because I have two masters’ degrees. But, in 7 more years, about 90,000 of that will be gone. If I had it to do again, I’d find a way to go to school without the loans, but I did not know any better at the time. Right now, my partner has 47,000 in student loans and hers we have to pay off. That’s still a lot, but it’s a better number than the first and her interest rate is only 3 percent. So, when we are ready to snowball the student loans, the money will go into hers. I’m hoping that it can be gone in those 7 years.
I am pretty good at figuring out numbers so I’ll probably try and run them myself. It’ll just take some reading up on the rules. I like to do it myself so that i understand where the numbers came from. But, if I can’t figure it out, then I think I’ll find someone to help us.