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I am confused about repayment options ...

Started by digitalSoup, January 08, 2019, 07:57:52 am

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digitalSoup

January 08, 2019, 07:57:52 am Last Edit: January 08, 2019, 08:58:01 am by TheCollegeInvestor
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

TheCollegeInvestor

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

Quote from: TheCollegeInvestor 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/


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

TheCollegeInvestor

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".