A little background: I am a public worker who recently learned about a loan forgiveness program. I have already been paying off this loan (since before the program began) and was not aware of the program until recently (so I could not take advantage of it two and a half years ago at the start of my public service employment). Now I'm wondering if I could try to take advantage of it.
The issue is, this forgiveness program requires 120 consecutive documented on-time payments towards the loan. This, under any of the loan repayment options I have available, would completely pay off my loan in the time it would take me to qualify for the forgiveness program.
(For those curious: My total loan is $12,250, and I pay off $200 of the principle with each payment)
Should I try to find a way to qualify for this forgiveness program, lengthening the term of my loan in the hopes of having part of it forgiven? Or would it be wiser at this point to simply pay my loan off with standard payments?
As a further note, I'm asking this now because I plan to make a lump sum payment into the loan from my tax refund, but have held off on doing so until I know whether or not it would be wise.