Anonymous
Post 12/07/2012 20:41     Subject: Please explain IBR
Anonymous wrote:
Anonymous wrote: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.


OP here. Thanks are you in finance? I would be interested in consult.
Anonymous
Post 12/07/2012 20:36     Subject: Please explain IBR
Anonymous wrote: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.


OP here. Thanks are you in fin name. I would be interested in consult.
Anonymous
Post 12/03/2012 23:08     Subject: Please explain IBR
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.
Anonymous
Post 12/03/2012 20:44     Subject: Please explain IBR
Anonymous wrote:How is a gs-15 eligible?


Read the law. Everybody is eligible I thought. Is this not yr understanding?
Anonymous
Post 12/03/2012 18:52     Subject: Please explain IBR
How is a gs-15 eligible?
Anonymous
Post 12/03/2012 18:08     Subject: Please explain IBR
At last! Someone with a sense of humor on this site!

Alas, I know nothing about IBR or would try to help but I know a lot about IBS (Irritable Bowel Syndrome).
Anonymous
Post 12/03/2012 17:57     Subject: Please explain IBR
Anonymous wrote:I thought this was going to be about Irritable Bowel Rescue.


In a way it is. In a way it is...
Anonymous
Post 12/03/2012 16:50     Subject: Please explain IBR
I thought this was going to be about Irritable Bowel Rescue.
Anonymous
Post 12/03/2012 16:46     Subject: Please explain IBR
Please exaplin IBR or direct me to somebody who can. Federal Direct Loans does not understand or can't explain.

http://www.ibrinfo.org/what.vp.html

I am a GS-15, step 2. Head of Household of 2. No support. 1 job. 172 debt.
Is the repayment capped at 15%?
Will cross post in $.
Thanks