IBR student loans- happy story!

[sinsaratea]

So i've seen where some people were having issues with getting IBR because the loan people were trying to use the GROSS income to determine the amount. the direct loan people tried to tell me it would be that way for me too. so when i sent my supporting paperwork I only sent the part of the stub that shows my NET, and i also sent my tax return with my AGI on it. voila! payment on 50k in loans at under 200/mo.

just wanted to share a happy!

[cschick]

Originally Posted by sinsaratea

So i've seen where some people were having issues with getting IBR because the loan people were trying to use the GROSS income to determine the amount. the direct loan people tried to tell me it would be that way for me too. so when i sent my supporting paperwork I only sent the part of the stub that shows my NET, and i also sent my tax return with my AGI on it. voila! payment on 50k in loans at under 200/mo.

just wanted to share a happy!

At 50K in loans, didn't you also fall into the extended repayment schedule? When I consolidated all 45K of my school loans into the direct loan program, I was offered the extended repayment schedule (20 years) even though I wasn't trying for any sort of IBR. My monthly payments over 20 years ended up being about $190/month (at 2.8%, since I did this when the student loan rates were still tied to the bank lending rate).

[sinsaratea]

Oh forgot to add, i'm a teacher so i'm doing the public service repayment thingy. it cancels the rest after 10 years. under extended doesnt the amt go up every few years? whereas the ibr won't. at any rate it is what came out cheapest.

[cschick]

Originally Posted by sinsaratea

Oh forgot to add, i'm a teacher so i'm doing the public service repayment thingy. it cancels the rest after 10 years. under extended doesnt the amt go up every few years? whereas the ibr won't. at any rate it is what came out cheapest.

The public service thing is nice. I don't have that option, unfortunately.

But no, on the repayment plan I was offered, the amount was the same across the entire repayment period. It was just that after you consolidated a certain monetary amount of loans, the max period available increased.