Immediate strategy on student debt

Hi,

My name is Jasveen and I have $60,000 in federal student loans managed by Great Lakes. What immediate strategy is recommended for when the payments start up in January? For instance, should I opt for forbearance, an income based repayment plan or something else?

Also, Biden changed the rules of PSLF so that you on apply your past payments to it retroactively, even if you were not on income based repayment plan. I had not applied to PSLF because I worked at non-American NGOs for a couple years. Is this method recommended?

I’m a new member and I’m just looking to understand what is the plan for January in terms of actual repayment/non payment. I was not able to find any information on this on the website. Thanks!

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Hello,
I would do income based, so payments can be a bit manageable. I’ve done forbearance so many times, it came back to bite me in butt due to interest it’s not worth doing or do the 6 month deferment due to economic hardship it will give you time to brainstorm some and not inflate your interest.
If the payments are still not to your favor, i suggest consolidation, you’ll be forgiven after 25 years even if the entire sum isn’t paid off. This the strategy i am leaning towards, but i want to wait and see what happens in January , i have a gut feeling this useless Biden administration will cave eventually in 2022 and forgive debt due to this crappy economy.