Hi all,
I've read conflicting accounts on what is possible, and what isn't, so was hoping for advice.
I'm on the REPAYE plan (everything through FedLoans, have been sending regular non-profit employment cerftification) for about $140,000 in loans at 6.5% interest rate. I have accapted an academic job at a non-profit, and expect PSLF forgiveness in four years (after a 6-year residency that will end June 2020).
So by next year, my REPAYE amount will skyrocket since REPAYE doesn't have the income cap that IBR does.
Can I switch to IBR as a long-term solution? Or will I get kicked out of IBR (like this example: https://www.studentloanplanner.com/f...eople-off-ibr/)?
I also thought about switching to Standard Plan (still within the Income-Drive Repayment options so it qualifies for PSLF), but this may come with its own high monthly payments, since it'll count a 10-year monthly payment from the original consolidation 5 years ago (source:https://www.financialrounds.com/thin...f-think-again/), meaning all 140,000 has to be paid off in 4 years, negating any benefit to PSLF.
Has anyone had any luck with this?
Thank you,
D4L
I've read conflicting accounts on what is possible, and what isn't, so was hoping for advice.
I'm on the REPAYE plan (everything through FedLoans, have been sending regular non-profit employment cerftification) for about $140,000 in loans at 6.5% interest rate. I have accapted an academic job at a non-profit, and expect PSLF forgiveness in four years (after a 6-year residency that will end June 2020).
So by next year, my REPAYE amount will skyrocket since REPAYE doesn't have the income cap that IBR does.
Can I switch to IBR as a long-term solution? Or will I get kicked out of IBR (like this example: https://www.studentloanplanner.com/f...eople-off-ibr/)?
I also thought about switching to Standard Plan (still within the Income-Drive Repayment options so it qualifies for PSLF), but this may come with its own high monthly payments, since it'll count a 10-year monthly payment from the original consolidation 5 years ago (source:https://www.financialrounds.com/thin...f-think-again/), meaning all 140,000 has to be paid off in 4 years, negating any benefit to PSLF.
Has anyone had any luck with this?
Thank you,
D4L
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