I'm hoping someone can make this less confusing for me. Is there anyone who knows much about the new income-based repayment? I've tried looking online and cannot find the answer I'm looking for.
We just applied for this as our income in less than $32,000 for a family of 5 (we live in a low-cost of living area FWIW). The original loan was consolidated in 1994 (maybe 1995?). It was in forbearance for 4.5 years recently during our chapter 13. We now owe $13,600 at an interest rate of 8%.
Does this only apply to loans taken out after they put this new "law" into effect or any student loans as long as people meet the requirments? How long should it take for them to approve it should we qualify? We just received our new student loan payment last week and sent in the paperwork for income-based repayment yesterday. Our first payment is due November 21.
We just applied for this as our income in less than $32,000 for a family of 5 (we live in a low-cost of living area FWIW). The original loan was consolidated in 1994 (maybe 1995?). It was in forbearance for 4.5 years recently during our chapter 13. We now owe $13,600 at an interest rate of 8%.
Does this only apply to loans taken out after they put this new "law" into effect or any student loans as long as people meet the requirments? How long should it take for them to approve it should we qualify? We just received our new student loan payment last week and sent in the paperwork for income-based repayment yesterday. Our first payment is due November 21.
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