income based repayment question

posted 3 years ago in College
Post # 3
Member
394 posts
Helper bee
  • Wedding: May 2015

My guess would be no. It’s based on what they think is reasonable for you to pay, not what you do pay. Could be wrong though.

Post # 4
Member
3199 posts
Sugar bee
  • Wedding: October 2013

@BeeG35:  no, it will not screw up your eligibility that i know of.

Post # 5
Member
1549 posts
Bumble bee
  • Wedding: June 2013

@BeeG35:  No its based on your income – not how much you pay. They won’t even track you enough to think that far into it.  But be aware that they will count “household income” if your married and your payment will constantly increase if you get a raise. So if i were you I wouldn’t plan on staying on that payment plan long term. – only as long as you have to. Get on a standard payoff as soon as you can afford it.  You can always switch back if you start making less money.

Post # 7
Member
1549 posts
Bumble bee
  • Wedding: June 2013

@BeeG35:  No standard repayment will be recalculated to 10 years from that date. They don’t backdate it. Altleast Sallie Mae doesn’t. I’ve switched payment plans a few times to get the lowest option and standard repayment always changed and was recalculated.

Post # 8
Member
11740 posts
Sugar Beekeeper
  • Wedding: November 1999

No — every tax year they are going to use your return to calculate what you can “afford” to repay. 

Post # 9
Member
763 posts
Busy bee
  • Wedding: June 2012

@BeeG35:  No – I am in an IBR plan and I pay more than what they ask (when I can).  No one is even looking at my payments (unless I miss a payment) until the next time I need to do income verification.

Leave a comment


Sent weekly. You may unsubscribe at any time.

Find Amazing Vendors