Below you'll find a list of all posts that have been categorized as “Repayment Plans”
For independent contractors and 1099 workers, it might appear to be difficult to calculate monthly student loan payments for income-driven repayment (IDR) plans such as IBR, PAYE, and REPAYE. How does the government factor in monthly expenses and the fact that some months are much higher paying than others? Surprisingly, …
Income-Based Repayment (IBR) and IBR for new borrowers are two very different federal student loan repayment plans. The two IBR plans have different monthly payments, forgiveness timelines, and eligibility requirements. I’ll explain why these two plans exist and how borrowers can determine the best option for their personal circumstances. IBR …
Unexpected costs are everywhere with student loans. Interest grows every day, and one mistake can mean getting hit with late fees. One mistake that can cost thousands of dollars comes with Income-Driven Repayment (IDR) plans like Income-Based Repayment (IBR) and Pay As You Earn (PAYE) re-certifications. That statement is worth …
There are a variety of federal student loan repayment plans, all with unique pros and cons, but the one that is undoubtedly the worst is the standard 10-year repayment plan. Borrowers on the standard repayment plan sacrifice flexibility, have no route to forgiveness, face larger monthly payments, and limit their …
The REPAYE interest subsidy may not get much attention, but I’d argue that this rarely discussed benefit makes REPAYE the best federal student loan repayment plan. Though the calculations might first appear complicated, the REPAYE interest assistance can save borrowers thousands of dollars per year. What is the Revised Pay …
Under the right circumstances, IBR, PAYE, or REPAYE might be the best Income-Driven Repayment (IDR) Plan. Deciding which IDR plan is the best option will depend upon many different factors. Marital status, loan age, tax strategy, and loan type all impact which choice will have the lowest payment. Today I …
When it comes time to pay back your student loans, you will discover a variety of federal repayment plans. To complicate matters, you won’t find an option that stands out as the best. Some work great in certain circumstances, while others excel under different conditions. Selecting the best repayment plan …
In 2013, I consolidated my student loans with MyFedLoan. For an all-too-brief period, I thought I had addressed all of my student loan issues. MyFedLoan paid off all my many smaller loans and turned them into one giant loan. But then, the letter came. MyFedLoan was writing to inform me …
