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25 Year Traditional Student Load

Started by geewiz, December 01, 2016, 04:30:09 pm

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Hi guys

I have a consolidated undergrad student loan from 1991 with about 15k left on it. I spent most of the first four years in default and have taken about 18 months off with deferment between jobs since then. Now, I have good income and my loans are current (and have been current for years) but I have a couple questions.

1) Am I able to get forgiveness some way? For instance, can I switch to an income-based plan and immediately get forgiven? I suspect I'm going to be paying this off after I'm dead at this rate.

2) Does this impact credit?

Thanks for the help. I looked around a while trying to find an answer to the first question.


1. No, the forgiveness as part of income-based plans starts when the income-based plan starts. So, if you change today, that's when the timeline starts.

2. Don't quite know what you mean. Making on-time payments on your loans (no matter the plan) are good for your credit. Missing payments is bad.

** $15k is not a lot left to pay off. You won't be paying it until you're dead. If you're making good money now, I challenge you to see how you can earn an extra $200 per month. With just $250/mo, you can pay them off in about 5 years. Maybe you can drive for Uber for a few hours a week (you can average $15-20/hr driving, so you can drive about 10-15 hours per month). Or find stuff to sell. The bottom line is $250 is not unreasonable to earn as extra cash each month.


Thanks for the information. If that was my only bill, then I would put the extra money into it. Right now I'm throwing a bunch of cash into my other debts (which are substantial). I'm not sure why you would assume that's my only debt, I asked because it would save about 6 months off my snowball.