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Hi... is anyone repaying student loans??? what is the average monthly repayment? any personal experiences with loans??? is graduate school worth all the loans

i was reading on the fafsa website about repayment options. and one was the Income Based Repayment Plan which is a repayment plan based on your annual income. if your income is below the poverty line for your family size your not obligated to pay anything at that time. you have to keep providing information...

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Asked by Anonymous at 12:32 AM on May. 5, 2011 in Money & Work

Answers (6)
  • Yeah you don't have to pay anything but interest will stil accrue, banks love this!!

    My student loans are $150/month and are down to 7k total
    My husbands are $268/month and he has 30k.

    Answer by Anonymous at 12:34 AM on May. 5, 2011

  • what if the loans are subsidized???

    Comment by Anonymous (original poster) at 12:38 AM on May. 5, 2011

  • I am doing the Income based repayment now. I haven't had to pay anything this year. Which is a relief. I've exhausted all my deferments & forbearance options. I have paid some on mine over the years but mostly have managed to put it off as much & long as possible. I have never been in default. I had a few years when I paid interest only. And years where I made full payments. I haven't been in school since 1994 so I think I've done well never going into default despite having some rough years. I know this new program I am doing, if I keep providing info every year & keep qualifying after a certain amount of time they forgive whatever is left on the loan. Its a long time 10 yrs. but I dont see my income significantly improving in that time period anyhow..sadly.

    Answer by Anonymous at 12:51 AM on May. 5, 2011

  • What is that poverty line?

    Answer by Anonymous at 1:08 AM on May. 5, 2011

  • Interest continues to be added on. My payment right now for $7500 is only $58. When I start making full payments in Oct (for $20000), it will be about $180/mo. The poverty thing, I'm sure the Dept. of Ed. will want to know that you are actively looking for a job before they just decide to forgive your loans...Otherwise a lot of people would be abusing that. If you can pay it, pay it. It's a debt that you took on. They give 10 years to pay off the debt, and they give a 6 month window after graduation to begin payments, plus allow for deferments and forebearances.

    Answer by laird6372 at 3:10 AM on May. 5, 2011

  • my loan is less than 5,000 right now and my payment is about 55.00 a month..i can't wait until i get done it seems like i been paying on this foreverrrrrrrrr

    Answer by mztxdelta at 9:40 AM on May. 5, 2011

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