Show all different payment estimates under Public Service Loan Forgiveness (PSLF) (4pts) Student Loan Exercise
Show all different payment estimates under Public Service Loan Forgiveness (PSLF) (4pts)
Student Loan Exercise
This assignment is an exercise in getting familiar with the website Repayment Estimator, an excellent resource for student loan repayment plans
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Please go to https://studentloans.gov/myDirectLoan/repaymentEstimator.action
Proceed without logging in
Use the following scenario to enter data into the estimator and answer questions about the results. Upload your completed work to Canvas.
Mark has combined Undergraduate & Graduate Loan debt of $58,000 in Direct Unsubsidized Loans and starting Income of $38,000. He had taken out these loans in 2013. These figures are estimates based on an interest rate of 6%, the average Direct Loan interest rate for undergraduate and graduate borrowers. He is married with a family size of 2. His wife does not have any student loan debt. He lives in Missouri, and his income increases 5% each year. These figures use the 2016 Poverty Guidelines issued by the U.S. Department of Health and Human Services and Income Percentage Factors issued by the U.S. Department of Education.
1. Show all different payment estimates without Public Service Loan Forgiveness (PSLF) (4pts)
2. Show all different payment estimates under Public Service Loan Forgiveness (PSLF) (4pts)
3. Explain how Public Service Loan Forgiveness (PSLF) may help Mark with his student loan debt. (4 pts)
4. Mark is currently paying under a standard repayment plan. He asked for your advice to lower his monthly payments. Given his circumstances, which repayment plan make the most financial sense for him and why? (4pts)
5. Mark wants to know after he qualifies for one of the repayment plans based upon his income, will his payment remain the same throughout his new repayment plan? Explain your reasons. (4pts)
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