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some_weird_kid posted:I know this question has likely been asked before, but I didn't find it in the OP or the last few pages. I graduated in May, and my grace period is about to expire. I should be fine for the payments, but just wanted an idea of what to budget since I haven't gotten any payment information yet from the lender. I was coming this thread to ask a question very similar to this. Thanks for the answer Wiggy Marie. I do have an add on, however. My grace period ended back in January, but because I had not made any money in 2009 other than the last month of the year when I started working for a non-profit I signed up for an income based repayment plan. Since then I have only been paying $40 a month for my $500 grad plus loan back. I have ~$55k in subsidized and unsubsidized loans still that I haven't had to pay anything on this year, but I imagine that will change this coming year. My question is, with ICB is the sliding pay scale for monthly payments applied per loan or to the total debt, and does this past year and 12 "payments" of $0 count towards the 10 years/payments for public service forgiveness?
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Oct 9, 2010 12:57
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From my understanding the public loan fogivness and IBR are linked, or at least non-exclusive. I certainly hope I have that right at least since its how I have been treating it.
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Nov 30, 2010 03:16
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I posted earlier in this thread, but you did not know much about IBRs. A couple of things have changed, possibly, and I am not sure who to ask. Who or where can I go for more information on figuring some of this stuff out? I have not had to pay anything back yet on the loans because for the past year I qualified for $0 repayment due to my income status. This will probably change now with payments starting in April. Here is what I am looking for answers for in general: 1. My original loan holder transferred some of my loans to Sallie Mae. I now have $24k in stafford and $3.6k in grad plus at the original lender and $31.5k in stafford loans at Sallie May. The amounts are from separate loans so, for example, Sallie Mae is actually looking for 4 separate payments per month. I need to know if I should consolidate, and who I should talk to about that, contingent on question #2. 2. From what I understand of IBR's, your payment cannot be more than 10% of your income. What is not clear to me is if that is 10% per loan or 10% total owed. If its the latter, than consolidation should not matter. I also do not know if consolidation will mess up the IBR, though I don't know why it would. 3. I need to get the IBR paperwork in by mid-march. They want a copy of the first 2 pages of my most recently signed Federal income tax return. Can I send them my return from last year seeing as taxes do not need to be filed until April? Thanks for any help and for having this thread. This stuff always confuses me and it doesn't help that I have little interest in financing. Right now it feels like it will be death by a 1000 papercuts. None of these loans individual monthly payments are too bad, but if they are all combined I would only have about $200 per month that isn't allocated towards student loans or rent. nesbit37 fucked around with this message at 15:19 on Feb 6, 2011 |
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Feb 6, 2011 15:08
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blar posted:I have read a lot about IBR since I have crushing debt. IBR is basically meant for consolidation because if you don't commit to IBR, then all of your unpaid interest will be added to the principal. You are also kicked off IBR if your repayment amount is less than the 10 year repayment option - unpaid interest then capitalizes. If you aren't careful then you may just end up making interest-only payments for a number of years and then come out with a higher principal balance. Thanks. I will definitely look into consolidation then. Is there somewhere else I should look for info on consolidation? I saw this link from earlier in the thread, anything else you have found useful? http://www.loanconsolidation.ed.gov/ I plan on committing to IBR. I currently work for a non-profit as a type of archivist. I have been there for 1.5 years and, even if I do end up leaving, the nature of my profession means I will likely be in IBR qualifying organizations for most of my career.
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Feb 6, 2011 19:12
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seacat posted:
I just wanted to say that while that may be typical, they do sell some off occasionally apparently. A little over a month ago my stafford lender, Great Lakes, sold a little over half of my staffords to Sallie Mae and kept the rest, and now I am consolidating (not that that has anything to do with the sale).
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Feb 27, 2011 14:13
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This question is pretty situation specific so I don't know if anyone will be able to help, but I figure I should try to help and calm my girlfriend down. My girlfriend has been admitted to 3 graduate schools for this coming fall semester. She is very excited, but also frustrated because making her final choice is starting to come down to money. The problem is that two of her schools need a decision by April 14th, and no one seems to be willing to talk to her at all about funding opportunities as a whole. Of course her last choice school (Temple) is the only one that has provided any type of award or other financial option information. Her first choice (Rutgers) won't say anything, and her middle choice has contacted her about the possibility of working as a research assistant with a stipend and full tuition remittance, but won't say what her chances of actually receiving such a position are. Is there anything that she can say over the phone to these financial aid offices to try and get at least a little more information before she has to decide? I feel really bad for her as she is so excited to go, but now has to pick and just hope it was the right financial choice down the road. She is more stressed out now than she was waiting for acceptance letters. Right now all we have to go on is knowing that the maximum yearly federal cap of $20,500 is a possibility for all 3 schools. Thanks for any help!
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Mar 22, 2011 13:55
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Her undergrad degree is in Growth and Structure of Cities. The graduate programs she has been accepted to are for urban planning, more on policy and such and not the engineering side of things. Masters only, not going for the phd. I didn't realize it was this down to the wire for new grad students. I guess I was just lucky, in a way, when I went to grad school. I only applied to the one school I wanted to go to and knew I could afford. Applied in November, got in mid-January, and then the semester started like a week later. Financial aid wasn't finished for me for at least a month after that, but because it was an odd and speedy situation I expected that. This wouldn't be a big deal for her if it wasn't the fact that how much aid and other funding opportunities the school offers her played into her final decision of where to go. She can afford both schools with a mix of federal and private loans if she can't get anything else from the schools, but when you have no idea how much one school is going to offer in terms of opportunities and funding compared to the other one its very difficult to choose and not wonder if you made the right decision.
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Mar 22, 2011 20:55
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Where are you all checking? The dept. Of ed site, your loan servicer, or somewhere else?
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Dec 21, 2021 22:20
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Just received notice, thanks to the waiver, that my loans have been forgiven! I thought I was going to have at least a few months left but looks like not. Great feeling to have 72k of debt just gone.
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Jan 13, 2022 16:58
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thehandtruck posted:Got a student loan question from my cousin and haven't been able to find the answer on google. The first non profit i worked for out of school had several people that worked there unpaid. They were just called volunteers. I doubt there was any record of them in hr or anything to report to the government that would have qualified them as employees to count towards forgiveness though.
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Feb 5, 2022 14:47
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If they're federal loans I would take them rather than work, personally. Exception if the job is going to help get you a job. I had loans and also worked in grad school but only because the job I had in grad school would be necessary to get me employment post degree.
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Apr 6, 2022 21:35
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Sirotan posted:I got refunded for a couple payments in mid 2020 so I can confirm that it's true and has been a thing for a while. I wish there had been better messaging about it at the time since you aren't the first person I've seen asking about it tonight. Makes me worried about the end of the PSLF waiver period coming up and all the people who might miss out on it. Definitely make sure you take advantage of the waiver if you haven't already. Because of it I hit my 10 year limit for PSFL in January and my $70+K in debt was just gone. Its nice.
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Aug 25, 2022 15:55
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The March Hare posted:Also, do we know how they are determining if you make over $125? Is it just AGI from 2021 taxes or what? This is how its always worked for figuring out how much my monthly payment was so I would be shocked if they did something different now.
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Aug 25, 2022 16:02
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actionjackson posted:Another question, if someone has debt being paid under income-driven repayment, and they get married, their cost will go up right? Because it will consider both incomes together. I don’t know if its still true but it definitely used to be. When I got married my wife and I just filed separately to avoid the issues it would have caused, especially since she makes more than I do. My loans were forgiven a little while ago though and since then we started filing jointly.
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Aug 13, 2023 18:53
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