I received admission to a grad school this fall and will need a loan to attend (nearly $50000).  I already have a private loan, which can be consolidated, and I plan to work in the nonprofit sector which would most likely make me eligible for PSLF.

I am considering deferring admission for a year to keep working and save. With talks of a cap on PSLF, I’m wondering if it’s best to bite the bullet and take out the loans now rather than wait until there is less financial help. It is a 1 year program so I will only need loans for 2014-2015 school year -before the cap is enforced. What are some things to consider while making the decision? Thank you.

That’s a tough question.  It’s hard to say when or if any cap will be imposed.  So far, the administration has taken the position that an act of congress is required to make such a change.  Remember that a private loan is not eligible for PSLF and cannot be made eligible by consolidating.