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Money and Finances
Reply to "Please explain IBR"
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[quote=Anonymous]I think you would qualify for IBR. Did you plug your info into the chart? If you google, you will find the calculator. Only federal loans qualify. You need to consolidate into the federal direct loan program. The income eligibility is based upon your AGI, so investing in the TSP helps bring down your AGI. With your numbers, assuming your AGI is 120K and your 172K in loans are federal loans, your payment would be $1220 per month. Since you work in public service, after 10 years of qualifying payments and working in public service, the remaining loan amount would be around $100k (assuming you have 6.8% interest rate). The federal government will forgive the remainder of your loan. Without IBR, you would need to make monthly payments of $1980 per month for 10 years to pay off the loan in the equivalent time frame. Google the finaid calculator for the full payment schedule. It's a great program for public service. Good luck. [/quote]
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