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  • January 16, 2019, 11:29:39 PM

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Author Topic: I am confused about repayment options ...  (Read 89 times)

digitalSoup

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I am confused about repayment options ...
« on: January 08, 2019, 07:57:52 AM »
Over the last six years I had been attending University of Phoenix online when it fit into my work and life schedule.  About a year ago I had to stop attending because my schedule just didn't allow it and after three months I got notice that I have to pay almost $600 a month.  I am the only income for a family of five so I already lived paycheck to paycheck.  I hadn't bee able to make a single payment because it would take me six months to get enough for one payment.  I went in today to see if I could get a lower payment and was this screen confuses me.  There are options where it says I don't have to pay!  Can anyone help me decipher this please?


http://i64.tinypic.com/a2snyx.png
« Last Edit: January 08, 2019, 08:58:01 AM by TheCollegeInvestor »

TheCollegeInvestor

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Re: I am confused about repayment options ...
« Reply #1 on: January 08, 2019, 09:04:39 AM »
Correct - if your income is low enough, being on an income driven plan (IBR, PAYE, etc) can make your monthly payment legally $0 per month.

Check this out: https://thecollegeinvestor.com/11856/secret-student-loan-forgiveness/

digitalSoup

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Re: I am confused about repayment options ...
« Reply #2 on: January 08, 2019, 07:06:31 PM »
Correct - if your income is low enough, being on an income driven plan (IBR, PAYE, etc) can make your monthly payment legally $0 per month.

Check this out: https://thecollegeinvestor.com/11856/secret-student-loan-forgiveness/

Ok so which plan is best and how hard is it to get on the plan?

TheCollegeInvestor

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Re: I am confused about repayment options ...
« Reply #3 on: January 08, 2019, 09:53:40 PM »
The "best" plan is the one you can reasonably afford to never miss a payment - which will probably be PAYE, RePAYE, or IBR.  You can apply by calling your lender or going to StudentLoans.gov and selecting "Apply for Income Driven Repayment Plan".