Does anybody know who will qualify for Obams's new IRB program where your payments are capped at 10% of disposable income? Where can I get detailed information? So far I have only been able to find news reports that are sketchy at best. Specifically, if I come out of default by consolidating my loans, will I be able to qualify for this given that all other income factors etc. are within the parameters of the the program? Is there any one at the Department of Ed that actually answers questions and if so how do I find them? Thank you to anyone who can lead me in the right direction.
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I just did a google search for "student loans IBR" and it took me to the official IBR website. They have a calculator you can use to see if you qualify.BK Ch 7 Discharged 09/2009 | Anything I say can and should be used as friendly advice and sharing of experiences with an unbiased viewpoint.
Scores: EQ 745 EX 704 TU 710 as of 08/15/2012 -
Thank you for your reply. Yes I have been on those websites and I do qualify according the calculators, but I have read in other places that if you consolidate out of default that they will stick you in a program with higher payments and that this new program will only apply to loans made after July 2010 -- so I am looking for someone who actually knows what happens. Anybody have any suggestions for getting the details? Thanks again.Comment
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I called my lender about this program-- and if we're talking about the same one it's useless, at least for me. I have 160K in student loans (30K private, 130K DOE). Current. I qualify for "reduced" payments due to income & then government/non-profit employee forgiveness. Under this plan if I pay $960/month for TEN YEARS then the rest is pardoned-- this is just the DOE $, NOT my private loans. UM, if I could pay $960/m I wouldn't have a problem in the first place! It's completely crazy!!!! DOE was very helpful when I called. But I had to laugh when they told me the payments are $960/m for 10 yrs to qualify for the foregiveness (my current payments (tho' currently in forebearance) are $550/m for 25 yrs and the rest would be pardoned)
Relevant info: my income is $85K, family of 4, spouse on UI (they didn't include spouse's income in factoring the payments).
More info: http://studentaid.ed.gov/PORTALSWebA...sh/IBRPlan.jsp
HTH!Comment
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