There are several student loan myths you might believe—or not. We are highlighting six of them.
Myth #1. YOU MUST WORK IN PUBLIC SERVICE TO GET STUDENT LOAN FORGIVENESS
Public Service Loan Forgiveness isn’t the only way to get your federal loan debt wiped out. You can also get forgiveness if you sign up for one of the income-driven repayment plans, like Revised Pay As You Earn, which is available to all federal loan borrowers. Income-driven plans cap your monthly payment at a percentage of your income, and increase your loan term from the standard 10 years to 20 or 25 years. They also forgive any remaining loan balance at the end of that term, but you’ll have to pay taxes on the amount that’s forgiven. There is another catch. IDR plans usually give you a lower monthly payment than the standard plan does, so you’ll end up paying more in interest.