Re: Need Advice for Paying Debt!!
10-16-2012 09:38 AM
Hi. If I were you, and I practically was, I would do some serious research online about "IBR." It's a fairly new govt. Program that allows us to pay back our student loans based on current income. IBR stands for Income Based Repayment. I have 3 degrees, taught for 10 years and have been a school counselor for 5, with interest...my loan balance is now over $100,000...well over. The actual amount borrowed over the 10 year college period was around $55,000. Too many def. and fore. caught up to me. The great news now, is that I pay less than $200 a month to keep my Sallie Mae loan account in great standing. It updates every year with each new income tax filing to adjust to your current salary, but this is a fantastic program. If you do manage to have a balance after 30 years, it's forgiven! Work in public service, and it's forgiven after 10 years! I think I can handle a couple of hundred a month for 10 years. Look into...IBR. Good luck.