Items to Think About Before Picking a Student Loan Repayment Plan
Most people just look at the monthly payment and how long it will take to pay off their loans. Other details need to be considered when picking a repayment plan.
Most people just look at the monthly payment and how long it will take to pay off their loans. Other details need to be considered when picking a repayment plan.
FFEL Joint Consolidation loans for spouses have limited options for repayment and forgiveness. They also become a nightmare in a divorce.
EICR has potential to lower monthly payments for borrowers, but early drafts leave plenty of room for improvement.
Monthly payment calculations on income-driven repayment plans get especially complicated for borrowers living in community property states.
Paying extra on IDR plans like IBR, PAYE and REPAYE is a risky choice for many student loan borrowers, especially those chasing student loan forgiveness.
REPAYE is the best repayment plan for some married couples. For others, it is an expensive option.
Picking the best plan when deciding on PAYE or REPAYE is critical for married borrowers, those with graduate debt, and high-balance borrowers.
There are many different federal repayment plans and each option comes with unique advantages and disadvantages.
If you are a 1099 worker or run a business, IDR calculations might seem complicated or potentially unfair, but there are ways to work the numbers in your favor.