Question for the pros

[Daddy]

Hey everyone. I have about $59,000 in federal consolidation loans at about 4.375%. I am paying interest only at $228. My wife has a private Sallie Mae loan at about $34,000 and is paying interest only of about $140 a month. She also has about $16,000 in federal loans and we are paying about $164 a month on those (about $60 goes to interest).

 

Anyway, we have tons of debt, but manage to pay off about $2000 in principal every month. We are big into DR. I understand why he says not to borrow money to go to school. I met a guy today during a training who admitted that he will be paying student loans until he dies. He is 3 classes away from earning his Ph.D in education. Well, I don't want to be one of those people. However, I do want to go for my Ed.D/Ph.D. I just don't want to add anymore debt to our load.

 

My wondering is this: After 10 years of on-time payments, we will be able to get out loans forgiven (as far as I'm concerned). If I add $20,000 to these loans to go get my doctorate, but I continue to pay the minimum every month and do not defer, will these new loans be able to get forgiven when the rest are?

 

I seriously want to go earn my degree while I am still young. But I do not want to drown to do it. Heck, some people even said you should take one class until you die so you will never have to pay on it. LOL. I would never do that.

[Saria]

I'd imagine that any new loan wouldn't be forgiven until 10 years of qualifying payments are made on that particular loan.

 

Are you suggesting that you'll somehow be able to get the private loan(s) forgiven? How? Also, I'm assuming that you have your federal loans with Direct Loans?