Qualifying with 90k in student loans

[Kree]

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wrote:
I understand what Eve was saying and VA’s post. If a person has 90k in student loan debt and on IBR and that payment amount is $150/mo, it does not matter. 1% is higher ($900/mo) so that is why it will be used. In VA’s post it even shows that the greater must be used regardless. Only way around it that I can find is a graduated repayment plan and I don’t even know if that would work but it does fully amortize the loan BUT the payment amount increases every 24 months.

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The post say:

 the greater of: o 1 percent of the outstanding balance on the loan; or

the monthly payment reported on the Borrower’s credit report;

or

 the actual documented payment, provided the payment will fully amortize the loan over its term

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So the question is, does that read the greater of (a or b, or c).  or does it read,  (the greater of a or b) or c?

[VALoanMaster]

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wrote:

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wrote:
I understand what Eve was saying and VA’s post. If a person has 90k in student loan debt and on IBR and that payment amount is $150/mo, it does not matter. 1% is higher ($900/mo) so that is why it will be used. In VA’s post it even shows that the greater must be used regardless. Only way around it that I can find is a graduated repayment plan and I don’t even know if that would work but it does fully amortize the loan BUT the payment amount increases every 24 months.

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The post say:

 the greater of: o 1 percent of the outstanding balance on the loan; or

the monthly payment reported on the Borrower’s credit report;

or

 the actual documented payment, provided the payment will fully amortize the loan over its term

---

So the question is, does that read the greater of (a or b, or c).  or does it read,  (the greater of a or b) or c?

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It's the great of A or B or (C) - you can use the actual documented payment, provided the payment will fully amortize the loan over its term. If 

[VALoanMaster]

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wrote:
I understand what Eve was saying and VA’s post. If a person has 90k in student loan debt and on IBR and that payment amount is $150/mo, it does not matter. 1% is higher ($900/mo) so that is why it will be used. In VA’s post it even shows that the greater must be used regardless. Only way around it that I can find is a graduated repayment plan and I don’t even know if that would work but it does fully amortize the loan BUT the payment amount increases every 24 months.

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If that $150 payment will pay off the loan by the end of the term, we can use that payment for FHA. For example:

Let's say your loan term is 50 years. $150 X 12 = $1,800 X 50 = $90,000. 

[Kree]

Will a IBR loan amortize out 50 years? I would assume that if they get forgiven after 20 or 25 years, that they would amortize past 20 or 25 years