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Nope, I had to fill out a form online at studentloans.gov to request IBR , then you have to link to the IRS, they will use your most recent tax statements. Since I did not file yet I had to use 2011, and send in my most recent paystubs, and I had to fill out another form for Alternative income.
@jzsnow wrote:
It's pretty simple. Google ibr calculator and run your numbers. Basically, your payments are 15% of your discretionary income. That means the difference in 150% of the poverty rate and your income is What your 15% is based on. The poverty limit is based on income and family size.
As far as setting it up...you just call your provider and tell them you want to apply for this payment plan. After 25 years of payments, your loans are forgiven. However, the forgiven amount is taxable.
Mine are forgiven after 10 years or 120 on-time payments.
Sallie Mae is what you should get OUT of right now. Consolidate with the Feds. Sallie Mae is NOT the Feds although they will try to mislead you.
After 20 years on IBR your balance is forgiven. If your work for the government or non-profit entities you are forgiven after 10 years. Yes, it is that simple.
@Billybob_TX wrote:Sallie Mae is what you should get OUT of right now. Consolidate with the Feds. Sallie Mae is NOT the Feds although they will try to mislead you.
After 20 years on IBR your balance is forgiven. If your work for the government or non-profit entities you are forgiven after 10 years. Yes, it is that simple.
This is so true about Sallie Mae, they are the worst student loan lenders to even have. And they are slick. I thought I had a student loan with Regions Bank when I signed online, and it comes to find out it was a Sallie Mae loan. Luckly my balance with Sallie mae is low, and I am trying to get rid of them asap. They barely making interest off of me.
unfortunately you don't have any control over who your loans end up with. Sallie Mae services federal loans as well. I consolidated last year with the feds (direct loans). My new consolidated loan was just sold to Sallie Mae a couple weeks ago.