That’s because her spouse’s income won’t affect her loan payments under PAYE as long as the two of them file separate tax forms.
If she doesn’t qualify for the Pay As You Earn plan, Talbert should enroll in the newer Revised Pay As Your Earn (REPAYE).
She spent a year taking classes at a community college before transferring to the University of South Carolina-Columbia.
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There are also dozens of city- and state-sponsored teacher forgiveness programs.
(The American Federation of Teachers has a list of teacher-specific forgiveness programs here.) You can’t take advantage of both federal forgiveness programs at the same time.
She switched majors before ultimately deciding to be a teacher and complete a one-year master’s degree program at USC.
Mattie Talbert committed a common but costly error: Unsure what she really wanted to do in the future, she switched academic programs multiple times.
She then took some speech pathology courses and found that field wasn’t right for her either. “I come from a long line of teachers, and I wanted to do something different,” Talbert says.
“But the more I thought about it, I realized [teaching] was my calling.” At 27, she’s now about three months into her first teaching job, happily working as high school English teacher in Columbia, S. In all, it took her some seven years to earn an undergraduate degree.
It doesn’t help that student loans carry unfamiliar terms, that there are different rules for different types, or that an array of repayment options can drastically affect your monthly payment, the total amount you pay, and your tax bill. We found three borrowers who needed guidance on repaying their loans and matched them with experts: a financial planner, a student debt counselor, and a lawyer who specializes in student loan laws.
(See more about the experts at the end of the story.) The borrowers are at different stages of the repayment process and have distinct questions about their loans.
Talbert has 17 individual loans, and only some of them automatically qualify for the income-driven plans that lead to loan forgiveness.