01-16-2016, 11:52 AM
I do. If you have federal loans, I would highly recommend going into one of the Income Driven Repayment plans to get the lowest payment. Most of you would probably qualify. These plans are based on your income. Also, if you are not working, I'd recommend getting out of an unemployment or economic hardship deferment and into an IDR plan.
I'd never be able to afford my federal loans at a 10 year/120 term plan. My private school loans are around 165/month and my federal loans are now 187/month under my IDR plan.
However, the blessing and curse of these plans is that while it generally offers a much lower monthly payment amount and loan forgiveness after a certain amount of QUALIFIED payments (20/25 years), the amount that is forgiven can be filed by the government as written off debt and thus counted as income by the government that must be filed, but its one of the few things I'm thankful for when it comes to the government.
I'd never be able to afford my federal loans at a 10 year/120 term plan. My private school loans are around 165/month and my federal loans are now 187/month under my IDR plan.
However, the blessing and curse of these plans is that while it generally offers a much lower monthly payment amount and loan forgiveness after a certain amount of QUALIFIED payments (20/25 years), the amount that is forgiven can be filed by the government as written off debt and thus counted as income by the government that must be filed, but its one of the few things I'm thankful for when it comes to the government.
