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re: Student Loan Repayment Options Explained
Posted on 4/15/15 at 11:36 am to Teddy Ruxpin
Posted on 4/15/15 at 11:36 am to Teddy Ruxpin
In my case I only have to make 120 payments (10 years) to qualify for forgiveness. On the 120th payment I get to walk away from the balance tax free. So instead of paying $450 per month I'm only paying $75. Over time it'll either approach or reach the standard amount.
1
Posted on 4/15/15 at 11:38 am to GreenTrout
Ya, I wasn't arguing NOT to do Public Service Forgiveness. That one is the best one!
I was discussing the "back end" when high wage earners may hit standard repayment once their income gets even higher. You technically can never be "kicked out" of IBR. Even if you hit standard repayment whatever is left after 25 years is forgiven plus taxes. Just making that point clear for the thread and that it isn't an option just for low wage earners like Becky in the OP example.
I was discussing the "back end" when high wage earners may hit standard repayment once their income gets even higher. You technically can never be "kicked out" of IBR. Even if you hit standard repayment whatever is left after 25 years is forgiven plus taxes. Just making that point clear for the thread and that it isn't an option just for low wage earners like Becky in the OP example.
This post was edited on 4/15/15 at 11:43 am
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