Student loan repayment relief? IBR - Page 3

[Dar]

Originally Posted by lanamommyphd07

some health care professions qualify for the nhsc's student loan repayment program. It's not "forgiveness" though. Once licensed, you can apply to work in a hell-hole of your choice for a very low income (although phd'ed and licensed, my kid would qualify for state aid if I took her off my insurance) for the trade off of having between 25-35,000 per year paid on your student loans. I've been in the program for 4 years and am at the point of seeking a better paying job and handling the student loans myself rather than live close to poverty for much longer.

I think this must be a YMMV thing? I have a friend who is doing this right now, with a PhD in medical anthropology. She's working at the medical center affiliated with the university we attended, doing research that interests her - it's definitely not a hellhole. She isn't making a whole lot, true, especially when you consider the cost of her childcare, although her child wouldn't qualify for state health care so she may be making more than you are... but when you add the value of the loan repayment to her salary she's making more than most people start out at in our field. She's also married, and her husband is employed.

I'm lucky, because I only have about 25K in loans, and with any luck I won't have to take any more. She has closer to 90K, and for her it was definitely worthwhile for a couple of years at least.

It's also hard to get academic jobs in many fields right now - I know some new PhDs who have applied for academic positions and then heard that the universities are having a hiring freeze. It's tough out there right now...

Dar

[AlumofUF]

Originally Posted by Jacque Savageau

Hi, this thread is going way off topic. Let's respect the OP and go back to discussing Student loan repayment relief. If you would like to discuss something else, then please feel free to start a thread in the appropriate forum.

Thank you. Now back to your regularly scheduled thread

THANK YOU!!!

I am glad this seems to be reaching some of us that need this. I called Sallie Mae and ACS (my loan) and they are both clueless as to the details for this new pmt plan....so I will call back closer to July...in the meantime I signed up for updates on the ibrinfo.org website.

[Hazel]

When we called Direct Loan they knew exactly what we were talking about. Even sent us to one of their "specialists" who knew all about the program. I believe in the IBR info it said that the loan had to be a direct loan or consolidated loan through direct loan.

[freespirited]

Originally Posted by Hazel

When we called Direct Loan they knew exactly what we were talking about. Even sent us to one of their "specialists" who knew all about the program. I believe in the IBR info it said that the loan had to be a direct loan or consolidated loan through direct loan.

Does this mean those of us who have a loan through Sallie Mae are SOL?

That would be a real bummer for me, especially since I consolidated my loans years ago at 8% and you are only allowed to consolidate once, which I find totally unfair and am surprised nothing has been done about that.

[Hazel]

The people at Direct Loans had a specialist who knew all about this program. Give them a call and talk to them. It seems there was something I read that said something about what to do if you had already consolidated with someone else.

[Hazel]

This is from that website:

How to switch to the Direct Loan program
If your federal loans are in the Guaranteed (FFEL) program — where your lender is a private entity like Sallie Mae or Citibank — where your lender is a private entity like Sallie Mae or Citibank — you can consolidate into the Direct Loan program to qualify for Public Service Loan Forgiveness. Even if you have already consolidated your loans in the FFEL program, you may re-consolidate into the Direct Loan program to take advantage of this program.

[Hazel]

here's the link:
http://www.ibrinfo.org/can.vp.html

its in a box on the right towards the bottom I think.

[freespirited]

Thanks. Looks like I wouldn't qualify as I am not employed in public service right now. Possibly in the future as an Engish teacher in Costa Rica, but I don't think that would count.

[Hazel]

depending on your income though you might qualify for the other program.

[AlumofUF]

Originally Posted by freespirited

Does this mean those of us who have a loan through Sallie Mae are SOL?

That would be a real bummer for me, especially since I consolidated my loans years ago at 8% and you are only allowed to consolidate once, which I find totally unfair and am surprised nothing has been done about that.

Hi freespirited....there are 2 different things.......from what I have read is you have to have a direct loan to take advantage of ibr with the 10 yr forgiveness plan that applies to public service employees.......

the other is ibr for up to 25 yrs for non public service employees (that will apply to me)...this is the one Sallie Mae has no clue about.....yet is on their website under 'important changes (or somehting like that)...isn't their customer service terrible...I always have a hard time with them..... anyway if you go ibrinfo.gov and click on the ibr calculator it says

What was your federal student loan debt at the time you entered repayment?
Note: Enter the total balance at the time you entered repayment of all of your federal student loans, which include loans from the William D. Ford Direct Loan Program and FFELP (guaranteed) loans from private lenders (such as a bank or Sallie Mae). Do not include Parent PLUS loans.

which brings me to the question of how much was my debt when I entered repayment?? was that when I consolidated thru sallie or when I exited school?
When I enter what I (or I should say hubby) owes now and what he owed at consolidation in 94...is the same pmt amount......and he graduated in '91 I think so from 91 to 94 is probably not a huge difference.....

hope this helps any.......I wish I could find someone at Sallie Mae that would be knowledgeable.....atleast when I called my lender ACS they admitted they had not been trained yet......but she did find what little info was on their website .......