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kspear821
Posts: 1
Registered: ‎10-16-2012
Re: Need Advice for Paying Debt!!

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.