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[quote=Anonymous][quote=Anonymous][quote=Anonymous]I don't think you qualify for the Income based repayment plan. I make 140K and have 100K in loans and I don't qualify- even if I filed taxes married filing separately. I consolidated in 1999 at 7.5%! I am totoally getting screwed because you can't refinance/ reconcolidate- one more way the rich get richer and congress does not care... I have been paying $868 per month since 2000 and will until 2025! I am maxed out of the interest deduction so that is all after tax income repaying the loan. I am married, we own a home- paid $535K VA loan so 0% down- refinanced at 3% last year. I work for the feds and the taxpayers are making out on me because I am paying back so much ininterest post tax! [/quote] I ran your numbers, and you don't qualify. It helps if you have a spouse with loans as well, because the IBR counts your spouse's loans in the equation. Also, if you have children, then your available income is considered less. [/quote] Income based repayment caps your federal student loan payment at 15% of your income so regardless of how much you make you may still benefit based on that limit. [/quote]
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