Should I Wait for Biden’s New 5% IDR Plan?
In most cases, waiting for the newest IDR repayment plan to be available is a mistake. Delays offer few advantages and come with significant disadvantages.
In most cases, waiting for the newest IDR repayment plan to be available is a mistake. Delays offer few advantages and come with significant disadvantages.
Between temporary programs and alternative calculations, it isn’t easy to identify all of the repayment plans eligible for PSLF.
IDR plans have a ton of borrower-friendly features, including student loan forgiveness. However, they have some flaws that all borrowers should understand.
Income-driven repayment is supposed to keep monthly payments affordable for all borrowers, but IDR plans help some borrowers more than others.
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.
Some advanced student loan repayment strategies allow borrowers to eliminate student debt and contribute to retirement accounts like a 401(k) or IRA.
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.