topic IBR plans -explain pls..PAYE, REPAY...? in Student Loans

IBR plans are triple my payment l! Smh

HigherFico — Sun, 05 Mar 2017 20:40:01 GMT

So doing he income driven payments would not work. I had a rep calculate that for me. She ask for our AGI and of course it was too high so I won't qualify. Seems like I'm basically stuck. Any other options? I already went into default and rehabbed and I was told that I can't do that again. Ok already 120 past due and am currently paying on my private loan.

Suggestions?

IBR plans -explain pls..PAYE, REPAY...?

HigherFico — Sun, 05 Mar 2017 12:58:57 GMT

I was looking over the IBR form because I am going to fill it out but I noticed that there are different plans?

Can anyone provide some info on all this? Of course I want the lowest plan and to have loan forgiveness eventually since I am a teacher. I had no idea that there were different types of repayment plans however.

Also, will I need to send over documentation of my expenses or will they just look at my spouse and I's income?

Will me changing this plan affect him and our taxes and next year's tax return? I was just curious.

ANY information would be helpful here?

We want to apply for a mortgage next year so I'm hoping doing this will help and not hurt me/us.

I also thought about consolidation since all the baddies on the account are deleted. Not sure if that would work for me though. I am 120 days past due with this loan and I have got to get this control now.

Thanks guys.

I'm on my phone so sorry if there are any typos

Re: IBR plans are triple my payment l! Smh

Tazman81 — Sun, 05 Mar 2017 21:53:48 GMT

If you have more than one federal loan, you can see if you can consolidate your loans into an extended payment loan. That will stretch it out over 20-25 years making the payment lower, but you will end up paying more interest in the long run. Also, I don't know the impact of that to the loan forgiveness you mentioned in another post, so you'd have to research that.