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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".

poco02

I am part of PSLF and have been making qualifying payments for 3 years.  I am part of the REPAYE repayment plans and because I got married my spouses income is now factored into my monthly payments, making my payments much larger than before, and difficult to pay. Am I able to switch to another repayment plan such as PAYE or IBR while in PSLF and not reset my clock?  Which repayment plan is the best option now that my salary has also increased?

TheCollegeInvestor

Yes, you can switch repayment plans to any qualifying repayment plan and not impact your PSLF eligible payments. You might find this article helpful: Married Filing Separately for PSLF