I just recently sent my information in for the income based student loan program under the public service loan forgiveness program. I noticed that my monthly payment decreased even though my salary increased (modest increase). Does this typically happen after you have been paying your loans for awhile? I have been paying for about 6-7 years now and every year it increased, but this year it decreased.
Same here! I wondered that myself. I am continuing to make payments above the minimum, but not too much since it is SUPPOSED to be forgiven.
Correct. Just thought it was super weird, but no complaints.
Even if it has decreased, if you can afford to make the payments you’re currently making or were expecting to pay more, I’d make a higher payment. Perhaps the interest rate decreased, and your payment was adjusted accordingly?
Thanks. Didn’t think about the interest rate, but I will try and make more payments.
