PSA: New Income Based Repayment (IBR) school loan repayment program starts 7/1/09

[Corporate Thug]

If you have student loans, you might want to look into this program:

http://www.ibrinfo.org/what.vp.html

Greatly reduced payments in most cases and adds loan forgiveness is certain circumstances.

 

[OCGuy]

Yay! I want some $$ for nothing too.

 

[ViviTheMage]

This just makes paying it take longer...right?

 

[sactoking]

How is this different than the current income-based payment option that's been available for half a decade or more?

 

[Chaotic42]

So liberal arts majors will still be paying off their tuition when they're 90?

 

[Corporate Thug]

Originally posted by: sactoking
How is this different than the current income-based payment option that's been available for half a decade or more?

I'm not 100% sure, but I know the payments are lower. This caps out payments @ ~10% of your income in almost all cases when your incomes is > 80,000k or so.

Also, I dont think that ICR (the current system) has 100% loan forgiveness after 120 payments for public services employees.

 

[Corporate Thug]

Originally posted by: OCguy
Yay! I want some $$ for nothing too.

I'm not sure what this has anything to do with what I posted...

 

[mcmilljb]

Originally posted by: Chaotic42
So liberal arts majors will still be paying off their tuition when they're 90?

They should cut back on the money they can get. If we're short on science and engineering professionals, we need to start danging more money in that direction.

 

[sjwaste]

Originally posted by: Corporate Thug
If you have student loans, you might want to look into this program:

http://www.ibrinfo.org/what.vp.html

Greatly reduced payments in most cases and adds loan forgiveness is certain circumstances.

This was a nice surprise that I found out about when I got my government offer. I decided to accept it for unrelated reasons, but this will certainly help.

Of course, the IBR cap probably goes out the window next year when I get married, unless we file MFS. As of now, it takes into account a spouse's income.

Still, she'll probably eventually in the next 10 yrs stay home to have kids, so it's nice to know that as long as I stay with the federal government, I'll pay for 10 years max, at least some at a reduced level. It'll save me a few bucks at least.

CT, did you ever end up deciding to take that county job?

 

[OCGuy]

Originally posted by: Corporate Thug

Originally posted by: OCguy
Yay! I want some $$ for nothing too.

I'm not sure what this has anything to do with what I posted...

You wouldnt be.

 

[Corporate Thug]

Originally posted by: OCguy

Originally posted by: Corporate Thug

Originally posted by: OCguy
Yay! I want some $$ for nothing too.

I'm not sure what this has anything to do with what I posted...

You wouldnt be.

Ok, now I REALLY don't get your reply.

 

[halik]

Originally posted by: Corporate Thug
If you have student loans, you might want to look into this program:

http://www.ibrinfo.org/what.vp.html

Greatly reduced payments in most cases and adds loan forgiveness is certain circumstances.

I don't see what's new about it - right now I have options to pick the monthly repayment plan I can swing.

This just lets you pay less and go further in debt...

 

[GT1999]

9k of debt at around 5%, looks like I don't qualify. Don't think I'd want to anyway. The FAFSA already saved me. 9k for school was next to nothing. Gotta love in-state tuition.

 

[OCGuy]

Originally posted by: Corporate Thug

Originally posted by: OCguy

Originally posted by: Corporate Thug

Originally posted by: OCguy
Yay! I want some $$ for nothing too.

I'm not sure what this has anything to do with what I posted...

You wouldnt be.

Ok, now I REALLY don't get your reply.

I never expected you to.

 

[ElFenix]

need to figure out which loans qualify

 

[TallBill]

Originally posted by: Corporate Thug

Originally posted by: OCguy

Originally posted by: Corporate Thug

Originally posted by: OCguy
Yay! I want some $$ for nothing too.

I'm not sure what this has anything to do with what I posted...

You wouldnt be.

Ok, now I REALLY don't get your reply.

He's just trolling. Ignore and move on.

 

[arcenite]

Originally posted by: OCguy

Originally posted by: Corporate Thug

Originally posted by: OCguy

Originally posted by: Corporate Thug

Originally posted by: OCguy
Yay! I want some $$ for nothing too.

I'm not sure what this has anything to do with what I posted...

You wouldnt be.

Ok, now I REALLY don't get your reply.

I never expected you to.

Why wouldn't you want money for nothing?

 

[JS80]

Awesome. More subsidies to the losers by the producers. Democracy delivers again.

 

[Corporate Thug]

Originally posted by: ElFenix
need to figure out which loans qualify

Practically all federally backed loan. It's super easy if DIRECT LOANS holds your loan (i.e. federal consolidation). I called and they can said they can process my request over the phone, no paper work required. Paper work confirming the change in plan to be sent shortly after the July 1, 2009 date, when they can process the change.

 

[TruePaige]

Did I miss something or do you have to be fairly broke to qualify?

 

[OCGuy]

Originally posted by: arcenite

Originally posted by: OCguy

Originally posted by: Corporate Thug

Originally posted by: OCguy

Originally posted by: Corporate Thug

Originally posted by: OCguy
Yay! I want some $$ for nothing too.

I'm not sure what this has anything to do with what I posted...

You wouldnt be.

Ok, now I REALLY don't get your reply.

I never expected you to.

Why wouldn't you want money for nothing?

Didnt I say quite the opposite?

 

[Corporate Thug]

Originally posted by: TruePaige
Did I miss something or do you have to be fairly broke to qualify?

It's meant for low income borrowers or alternatively, those who LOTS of loans (and still make "decent" pay). For example, someone w/ 100k in loans making 60-80k will likely qualify.

 

[TruePaige]

Originally posted by: Corporate Thug

Originally posted by: TruePaige
Did I miss something or do you have to be fairly broke to qualify?

It's meant for low income borrowers or alternatively, those who LOTS of loans (and still make "decent" pay). For example, someone w/ 100k in loans making 60-80k will likely qualify.

Ah, gotcha.

Just checking. Basically you would be "broke" relative to the amount you owe.

 

[mugs]

Originally posted by: OCguy
Yay! I want some $$ for nothing too.

:laugh: After 25 years of payments. I don't imagine many college graduates will make so little for 25 years that they're able to have their debt forgiven.

 

[alchemize]

I wish they'd let you re-consolidate. This $50K @ 6.75% rate that seemed great 10 years ago really sucks now.