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Thread: Student Loan Repayment Options?

  1. Dancing Backwards in High Heels
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    #1

    Student Loan Repayment Options?

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    JJ, I have a question and I'm hoping you can help me. Currently my student loan payments are much more than I can handle, over 50% of my monthly income and I am currently the "breadwinner" of the family.

    Can you explain to me the various loan repayment options and which may be better? All of my loans are Federal loans. I've done some research, but I feel I only know bits and pieces.
  2. MilitarySOS Jewel
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    #2
    There's an option for income based repayment that will probably be good for you. You can fill out the form for it on the Sallie Mae website.
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    #3
    My loans are serviced through myfedloan.com and I signed up for the income based repayment plan too.
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    #4
    My mom actually works in student loans, she's an HR rep at Texas Guaranteed Student Loans and my stepdad does all this stuff too with the same company.
    The best one they can tell you to look at doing is the Income Based Repayment plan. It's going to evaluate your income and verify what you can afford based off of what you are bringing in. Do you have all your loans with one company or separate lenders too? If they're separate you can consolidate everything which can make it easier to deal with but it's up to you!
    But the IBR is going to be the best option, if you feel like you cannot make any payments right now though there are a couple of options to defer them you'd just have to look on the website! There are hardship deferrments but they'd have to verify where you are according to the FPL (Federal Poverty Line) to see if they can approve it and then ifyou are not working you could look at unemployment deferment (I just applied for this, they got back to me within a week to notify me it was approved but the only crappy thing is it accrues interest while you have it deferred).

    If you have any like detailed questions about specific programs, let me know I can ask my mom or stepdad since they work in that industry, they can get back to me pretty quick.


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    #5
    Also, if you go to this website since all your loans are federal it should tell you exactly how many you have and what the time frames each of them mature are etc.
    National Student Loan Data System for Students

    If you do have multiple servicers you will want to contact Direct Loan Consolidation (DLC) at 800-557-7392 and get them to send you out the paper work in the mail.


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    #6
    Quote Originally Posted by amandalouwho2 View Post
    My mom actually works in student loans, she's an HR rep at Texas Guaranteed Student Loans and my stepdad does all this stuff too with the same company.
    The best one they can tell you to look at doing is the Income Based Repayment plan. It's going to evaluate your income and verify what you can afford based off of what you are bringing in. Do you have all your loans with one company or separate lenders too? If they're separate you can consolidate everything which can make it easier to deal with but it's up to you!
    But the IBR is going to be the best option, if you feel like you cannot make any payments right now though there are a couple of options to defer them you'd just have to look on the website! There are hardship deferrments but they'd have to verify where you are according to the FPL (Federal Poverty Line) to see if they can approve it and then ifyou are not working you could look at unemployment deferment (I just applied for this, they got back to me within a week to notify me it was approved but the only crappy thing is it accrues interest while you have it deferred).

    If you have any like detailed questions about specific programs, let me know I can ask my mom or stepdad since they work in that industry, they can get back to me pretty quick.
    If I understand IBR correctly, I will be paying for 25 years (I believe), but then the rest will be forgiven? And any forgiven amount will be taxed as income?

    TIA for your help!


    AND a HUGE to everyone who responded! I've been looking into IBR, I'm just a little leary of the tax consequences.
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    #7
    Quote Originally Posted by HisJuliet View Post
    If I understand IBR correctly, I will be paying for 25 years (I believe), but then the rest will be forgiven? And any forgiven amount will be taxed as income?

    TIA for your help!


    AND a HUGE to everyone who responded! I've been looking into IBR, I'm just a little leary of the tax consequences.
    Let me ask my mom/stepdad tonight when I get home tonight and they'll know.
    That sounds about right but I get what you're saying, student loans and tax collections can be ruthless.


  8. verabot89
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    #8
    Quote Originally Posted by HisJuliet View Post
    If I understand IBR correctly, I will be paying for 25 years (I believe), but then the rest will be forgiven? And any forgiven amount will be taxed as income?

    TIA for your help!


    AND a HUGE to everyone who responded! I've been looking into IBR, I'm just a little leary of the tax consequences.
    I think Obama changed it to 20, actually! But don't quote me on that.
    MrsJennyyy is mah wife



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    #9
    Quote Originally Posted by amandalouwho2 View Post
    Let me ask my mom/stepdad tonight when I get home tonight and they'll know.
    That sounds about right but I get what you're saying, student loans and tax collections can be ruthless.
    Thanks! Let me know what you find out!
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    #10
    The Federal Student Aid website is a great resource for you to check out. There are even calculators that you can use to get an idea of what your payment would be using one of the "alternate" repayment plans. Based on what you have stated, take a look at the Income Based Repayment plan. Here's a link to the page with the calculator on it. Take a look at that and let me know what you think!

    PS--I think the typical payment is roughly 7-10% (not 50%!!!)
    J.J. Montanaro is a CERTIFIED FINANCIAL PLANNER practicioner with USAA Financial Planning Services one of the USAA family of companies.
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