IBR set at 0....how can I get it increased?

[Anonymous]

We have 5 kids and 60k in income. Our IBR is set at 0. We want a usda mortgage loan, but can't get one with ibr at 0. Is there anyway to have it increased to a dollar amount?

Jessica

[webhopper]

Have you tried calling the student loan servicer?   Is there any way that one of the kids can be claimed as a dependent by someone else for tax purposes?

[Anonymous]

I can't let anyone else claim a child on my taxes, but I don't think that taxes and ibr paperwork dependents work the same way.

If I could claim only 4 kids, that would raise my ibr payment enough to get a loan. Is that legal??

[Anonymous]

I did call the servicer. They had no idea now I could have it increased. I didn't ask specifically about leaving off a kid. I might do it without asking. If it is deemed illegal, it would still have worked in their favor by us paying more than we otherwise would have. I'm not cheating them in any way, but still don't need any problems, ya know?

[webhopper]

I don't believe I can advocate doing what you suggested... What about setting up a payment plan that is NOT income dependent?...  Or simply ask the servicer if they can give you a minimum monthly payment of something like $15

[webhopper]

For example...  A Graduated Repayment plan would have low monthly payments at first which would gradually increase over time.

Graduated Repayment Plan

Direct Subsidized and Unsubsidized Loans Subsidized and Unsubsidized Federal Stafford Loans all PLUS loans

Payments are lower at first and then increase, usually every two years. Up to 10 years

You'll pay more for your loan over time than under the 10-year standard plan.

[Anonymous]

They said they can't give a payment higher than 0 unless my income warrants it. The next plan option puts out payments way too high! My husband and I each have what has now accrued to 130k! Min payment is $900 for each...so $1800 total a month! No way we can do that.

[Anonymous]

Usda loans won't let you use a graduated plan. It has to be a standard or an ibr with a payment higher than 0.

[webhopper]

Are either you or your husband working in the Public Service sector?  Or teaching?

It would be beneficial to go into a career that would allow you to forgive the student loan debt after working in that career for the defined period of time.

[webhopper]

Have you tried looking at the option to do a FHA mortgage?