How to Get Out of Debt With the Get Out of Debt Guy » ibr

My Student Loan is Almost 30 Years Old and I’m In Collections. – Dawn

Steve Rhode — Thu, 17 May 2012 21:09:32 +0000

“Dear Steve,

I currently have a student loan that is 27 years old. I was 17 years old when I was offerred this loan, and really unaware of the rate of interest, penalties, etc. I divorced from my husband at the age of 19 (due to the fact that he was physically abusive), and in the divorce decree, it was ordered that he pay child support for my two children, and he pay half of my student loan.

The initial loan was for $5,000, and I just received a bill from Coastal Collections, requesting immediate payment in the amount of $22,000.!!!!!!!!! I actually offerred them the full principal amount of $5,000 and they counter-offerred @ $17,000. I am unemployed, have guardianship of my three grandchildren, and am starting an Ebay business. (struggling to keep our heads above water).

Long story short, they refused my payment, and have been harrassing myself and everyone in my family. Can this debt be forgiven after 27 years, if not, is there any way that I can pay just my half of the original loan, or even make an offer and comprimise? I realize that this is my debt, and it has been given to so many collection agencies over the years, that every time I make contact with the new agency, I get a different story, and more grief. Thank you for any advice you can give me.

Sincerely, Dawn”

The Answer:

Dear Dawn,

The most important issue is if this was a government backed student loan, which I believe it may be since the statute of limitations would most likely have expired on a private student loan long ago.

I would suggest you look into the Income Based Repayment Program to get your student loan payment down to as low as $0. The monthly payment will be based on your income and circumstances and it sounds as if you qualify. If you pursue this option and it is granted it will go a long way towards making this a less stressful situation for you since you’ll be out of collections.

Please post your responses and follow-up messages to me on this in the comments section below.

Big Hug!

@GetOutOfDebtGuy

If you have a credit or debt question you’d like to ask just use the online form. I’m happy to help you totally for free.

Are My Student Loans on the IBR Plan Dischargeable in Bankruptcy? – Nick

Lewis Roberts — Tue, 01 Nov 2011 19:44:30 +0000

From How to Get Out of Debt

“Dear Lewis,

I’ve got about $80,000 in consolidated student debt on the IBR plan. Good job, making about $48,000 a year. But since I’m not a doctor, lawyer, or wall street guy, I’ll never reduce the principle, and 25 years is a long time.

Would bankruptcy clear this? And if so, then why not just go for it? Not like I’ll ever be able to afford anything that would depend on my credit in this economy anyway.

Nick”

The Answer:

Dear Nick,

I have answered numerous questions on this site regarding student loans. They are not dischargeable without some serious hardship, which is almost impossible to prove.

I suggest you search the site’s archives to see my posts on the history of student loans in bankruptcy.

Good luck!

My name is Lewis Roberts and I’m an attorney licensed in Florida and Georgia. My practice focus is consumer bankruptcy, real estate issues/closings, and mortgages. I also have Florida real estate broker and mortgage broker licenses. I am a proud member of the National Association of Consumer Bankruptcy Attorneys (NACBA), National Association of Consumer Attorneys (NACA), and a graduate of Max Gardner’s Bankruptcy Boot Camp. I enjoy helping people with decisions that impact their financial well-being.

Legal Disclaimer: This is for educational purposes only. It is not to be relied upon as legal advice. It also does not create an attorney-client relationship. No such relationship is formed with attorney without a written agreement.

If you have a bankruptcy question you’d like to ask just use the online form.

I’m a Single Mom and Up to My Eyeballs in Student Loan Debt. – Debbie

Steve Rhode — Thu, 27 Oct 2011 22:15:37 +0000

From How to Get Out of Debt

“Dear Steve,

Single Mom. In debt up to my eyeballs. College loan from 1985 just wont go away. Originally owed 12, 400, approx. Now I owe over 24,000. I have exhausted all options to get help. I am on a graduated repayment program. The only thing left for me. This means my payment will go up every year until its paid off. OH GOOD!! In the early, formative years I was irresponsible, took about as many forbearances as I could for as long as I could. Interest built up. Then, in my adult years, I lost my house, my marriage and a child. I needed more help, forbearance, condolidation. Thats why I owe twice as much as I used to. Now, I have a 17 year old who is going to college next fall. I want to be able to help her, but mainly I want this debt paid off before I retire in 5 years. I am 49. I have worked at the Post Office for 25 years. I have a stable job and income. I lost my 2nd home..bought it as a single mom, interest only, refi…part of that group!!! I wanted to provide well for my daughter and did the best I could but I was upside down. I rent now.

I am reading more and more about Obama’s student loan repayment program. My mom was so happy to hear on the local news that there may be help for me…possibly even loan forgiveness. Well, I was excited for myself and the millions of other people who may have even more loan debt than myself. I was excited, let me stress that. As I continued to read this morning, I realize there may not be any help for me yet again. It appears that this will only help those who take out loans 2012 and later. Those before 2012 MAY be able to get help according to their income. Well, here we go again. I am in the working poor catagory. I never qualify for anything. I make 53k a year. It is going to take me till the day I die to pay this thing off. 9% interest. I’m stuck, I think. Can you wave a magic wand and give me some hope? Can you tell me something I may not know? Is there any hope for me? My loan is with ACS-Affiliated Computer Se rvices…ACS. They are the Department of Education’s primary outsourcing company

Debbie”

The Answer:

Dear Debbie,

Well I might have some good news for you. I’d contact your loan servicer and get off the graduated program and get on the Income Based Repayment (IBR) program which will lower your monthly payment and can eventually lead to a discharge of your student loan debt.

You can always call your loan servicer and talk to them about what options may be available for you. If you have any doubts about government program eligibility you can use the CFPB student debt repayment assistant tool to see what is available.

Please post your responses and follow-up messages to me on this in the comments section below.

Big Hug!

@GetOutOfDebtGuy

If you have a credit or debt question you’d like to ask just use the online form. I’m happy to help you totally for free.

How Will Student Loan Reform Help Me Get My Defaulted Loans Back in Shape? – Jennifer

Steve Rhode — Thu, 27 Oct 2011 21:19:52 +0000

From How to Get Out of Debt

“Dear Steve,

I defaulted on a student loan and need to get back on my feet. It has CRUSHED my credit (currently at 520) so i do need to improve.

How does the new student loan reform affect those that already defaulted? Can those with a defaulted loan get some relief and improve their credit rating?

Jennifer”

The Answer:

Dear Jennifer,

Well I’ve got some good news and bad news.

The bad news is if these are private student loans your options are limited.

The good news is if these are government backed loans you do have some options and you can rebuild your credit.

Call the servicer and talk to them about your available options to bring the loan current. After twelve consecutive payments the servicer should have the negative history removed. It’s the only form of legal credit manipulation I’m aware of.

The importance of getting your loan back into good graces is so you can be eligible for the Income Based Repayment (IBR) Program and then the final reduction programs to be announced in 2012.

Please post your responses and follow-up messages to me on this in the comments section below.

Big Hug!

@GetOutOfDebtGuy

If you have a credit or debt question you’d like to ask just use the online form. I’m happy to help you totally for free.

Is It Illegal For Me to Have to Pay More Than Half My Monthly Income to Student Loans? – Kandyce

Steve Rhode — Tue, 24 May 2011 21:51:01 +0000

From How to Get Out of Debt

“Dear Steve,

I graduated from four years abroad in 2009 with about $180,000 in Private Student Loans with Sallie Mae. On top of my federal student loans and loans sold to the Department of Education, I am currently paying almo0st $1100 a month, on a “2 year, interest only” repayment plan. Sallie Mae’s only other options for me after hours upon hours on the phone are a $150, 3 month forbearance fee with interest to still to acquire or go back to school and get in more debt while deferring these loans. This is well over half my monthly income working in commissioned sales because I have yet to find a good paying job in California’s economy, and with the cost of living so high, I cannot even afford to live on my own because I am drowning in student loans.

Since it took almost a year just to find a steady job, I also acquired nearly $15,000 in debt from a start-up business, who clearly took advantage of my good credit at the time and living expenses. I have worked with credit-card companies as much as I can, but I feel like I have no place to go that will not take advantage of me and no one who really knows enough to help me recover from this situation.

My question, first and foremost, is whether or not forcing me to pay over 50% of my monthly income to student loans is even legal, when even the federal student loans required my tax statement for income based options.

My second questions of course are if you know where I can go to get sound debt relief advice for both private student loans and credit card debt, without screwing me over. I am wiling to make payments and understand I have a lot to pay back, but I don’t know if consolidation or bankruptcy are the best options, or even options at all, or if someone can just help me to make the payments more manageable.

Thank you kindly for your time,

Cheers,
Kandyce

”

The Answer:

Dear Kandyce,

I’m not aware of any limitation on how much of your income can go towards student loan income. Private lenders certainly offer few options for dealing with it but the good news is the government loans have the Income Based Repayment Program (IBR).

I’d suggest you call your government loan servicer and talk to them about the IBR plan. It might give you some breathing room.

The bigger issue is you need to get back to paying your full Sallie Mae payment. Putting it on temporary hold still let’s the balance build and is not a solution.

Even though you have $15,000 of credit card debt, which to some may be a small amount, it would still be a good idea to click here to find a local bankruptcy attorney and talk to them about discharging that credit card debt and give you a legal second chance and fresh start.

If your credit card debt was gone and you were paying the full Sallie Mae loan payment, would you be able to pay your government loan payment? If so, that might be the breathing room you are looking for.

Post your answer in the comments section below.

Big Hug!

@GetOutOfDebtGuy

If you have a credit or debt question you’d like to ask just use the online form. I’m happy to help you totally for free.

We Are Trying to Get Out of American Educational Services Student Loans

Steve Rhode — Thu, 21 Apr 2011 23:09:10 +0000

From How to Get Out of Debt

“Dear Steve,

My wife returned to school several years ago and took out some student loans. Those loans were eventually sold to aes. One was for about $10,000 and the other for about $8,000. She has been paying the minimum statement for five years, (about $9,000) but the amount owed hasn’t decreased! The payments are for about $150 a month and the interest rate on each loan is 4.75%.

Apparently the interest in accruing daily. What is the best way to for us to pay off this debt!

Todd”

The Answer:

Dear Todd,

The problem is that on a total loan balance of $18,000 the annual interest charged would be about $900. Since you are paying $150 a month you are making little overall progress since the majority of your payment is going to interest only.

I believe your student loans are private student loans which have limited modification options. If these are somehow government back student loans then I’d suggest you contact the Department of Education and ask for information on the Income Based Repayment Program (IBR).

The 4.75% interest rate is pretty darn good so if you want to dig out from under these loans faster you’d need to increase your payment and all of the additional would go towards paying down the balance owed.

If you wanted these loans to be repaid in about five years you’d need to pay about $340 a month. If you can afford that it’s probably the best solution for getting rid of the loans once and for all.

Please post your responses and follow-up messages to me on this in the comments section below.

Big Hug!

@GetOutOfDebtGuy

If you have a credit or debt question you’d like to ask just use the online form. I’m happy to help you totally for free.

I Work as a Correctional Officer With Loads of Student Loan Debt. – Lynn

Steve Rhode — Wed, 13 Oct 2010 03:48:54 +0000

From How to Get Out of Debt

“Dear Steve,

I enrolled in college and the student loan money was easy to get. Now the money is due and we are being crushed by the payments of the student loans. I have close to 70k in student loans and my income is not going to be substantially impacted by my degree. We put our credit cards with a consumer counseling agency and have paid all but 4k so far. This payment is $511 a month. We also have a car payment and some credit cards that I did not put with the counseling agency as well as 2 personal loans totally about 11k. I work as a Correctional Officer in a state institution.

What can I do to either lower my monthly payments or come out from under the student loans.

Lynn”

The Answer:

Dear Lynn,

If your loans are government backed there is a program called the IBR or Income Based Repayment plan. That’s your best shot at getting a lower payment even though you will have to pay on the loans for 20 years. If you have private student loans, you’re screwed.

For anyone reading this and just starting out on a journey to get out of debt, when faced with credit card debt and crushing student loans the first choice must be to consider bankruptcy to discharge all the unsecured debt so you can focus on the student loans. Student loans have tremendous power over borrowers, can’t be discharged in bankruptcy, can levy bank accounts, intercept tax refunds and tack on up to 40% in penalties if you default.

Student loans don’t take prisoners in a battle.

Please update me on your progress by posting updates here in the comments section of your question. I’m very interested in how this works out for you.

Big Hug!

@GetOutOfDebtGuy

If you have a credit or debt question you’d like to ask just use the online form. I’m happy to help you totally for free.

My Social Security Number is Off By One Digit. Do I Still Have to Repay My Student Loan? – Steven

Steve Rhode — Wed, 15 Sep 2010 19:56:05 +0000

From How to Get Out of Debt

“Dear Steve,

I have recently filed for bankruptcy. After the discharge I found out about a student loan that is now in collections. (I assume the collections agency was able to locate me due to the bankruptcy filing.) The problem is that the social security number the collections agency has for me is incorrect (off by one number) which I think is the reason why they have not been able to locate me before now. The loan amount has doubled since it was taken out.

I do not dispute that I had the loan, but am I liable for the interest since the social security number the collections agency has for me is incorrect? Perhaps the social security number error goes back to the school I took the loan from or the department of Education, because the debt does not appear on my credit report now or on credit reports I’ve ordered in the last decade. I barely have the money to support myself. I am really not able to pay back the loan PLUS interest. Is there any help for someone in this situation?

Steven”

The Answer:

Dear Steven,

It does not sound unreasonable that the loan amount has doubled. Especially since you have not made payments in some time and that a collections fee of up to 40% of the loan balance can be added.

The SSN issue is academic but does not take away from the fact that it is your loan and you received the benefit of the loan.

The good news is this is a government backed loan and their are good programs to bring the loan current again. You might want to first look at the Income Based Repayment Program (IBR) for a payment you can afford.

Please update me on your progress by posting updates here in the comments section of your question. I’m very interested in how this works out for you.

Big Hug!

@GetOutOfDebtGuy

If you have a credit or debt question you’d like to ask just use the online form. I’m happy to help you totally for free.

I’m Willing to Co-Sign a Loan to Help Out My Guy. – Lou

Steve Rhode — Tue, 06 Apr 2010 18:29:55 +0000

From How to Get Out of Debt

Lou

“Dear Steve,

Asking for my guy. He’s currently about $50,000 in debt between his student loan, car loan, and using his credit card to pay bills while he was out of work. The card is a bit over $6k, car is between $10 and 11k, and the student loan is around $34k.

He currently makes about $30,000 a year but with the different interest rates, etc plus regular stuff like rent and food, he’s barely making it. He’s already deferred his student loan 2 or 3 times in the past few years so I don’t think they’ll give him another break, they haven’t even responded to the request. He truly isn’t the kind to spend irrationally it really is just a series of unfortunate events.

What is the best course of action? Is it possible to get a loan to consolidate all his debt? My credit is pretty good, if I’m willing to co-sign will that make a difference?

Lou”

The Answer:

Dear Lou,

If you co-sign for any loan I will personally hunt you down and kick your ass. Never ever cosign for anyone for any reason. Co-signing does not solve their problem, it drags you into their problem. If they are not qualified to get a loan on their own and need a cosigner then the chances are pretty damn high that they will fall back into trouble and then YOU will be 100% responsible for their debt.

If he is barely making it now with his student loans deferred, any student loan solution may push him over the financial edge and into deeper trouble. Student loans are one of the two worst debts you can owe. But the Department of Education has a new program out called the Income Based Repayment (IBR) program.

The IBR should be his first avenue to follow to try to get the student loans under control. Once he finds out what payment the IBR will allow him to make then we can begin to address the other debts.

Rather than cosigning, you are better off helping him to make monthly payments out of your pocket once he gets his IBR payment worked out. If you do that you are not obligated for his debts, you are lending a hand and doing a nice thing for him. Plus, if this relationship does not work out you can stop making the payment on his behalf and instantly end any further investment.

Come back and give me an update in the comments about what you decide to do.

Big Hug!

@GetOutOfDebtGuy

I’m in Debt to the IRS and Student Loans Only. What Can I Do? – Veronica

Steve Rhode — Wed, 23 Dec 2009 03:24:56 +0000

From How to Get Out of Debt

Veronica

“Dear Steve,

Gawd I hate being in this situation, but I am 45 years old and almost $70,000 in debt. Most of it is from student loans, IRS, and other loans. No credit cards.

I’ve heard that you cannot file bankruptcy with IRS or Student Loans debt. Was wondering if this is true. If so, what other options should I look at?

Will Consumer Credit help me work with them to develop a payment plan I can live with? What other options are out there? I haven’t contacted them regarding making a plan yet – was wondering what all my options might be before I contact them and before they start garnishing my wages

Veronica”

The Answer:

Dear Veronica,

The IRS will come up with a payment plan for you. You should call them ASAP to get that in progress.

On the student loans, if they are government backed loans you may find some relief through the new Income Based Repayment (IBR) program.

Click here if you can’t see the video above.

Big Hug!

@GetOutOfDebtGuy

We Are Spending Down Our Savings Trying to Make Ends Meet. – Patch

Steve Rhode — Fri, 26 Jun 2009 12:44:12 +0000

From How to Get Out of Debt

Patch

“Dear Steve,

My husband and I have alot of debt due to my student loans that are almost 100,000, and then of course we have a mortgage, car payments and the household bills. I feel like we are drowning and our savings is dwindling down fast.

How can we get this under control before we are totally broke?

Patch”

The Answer:

Dear Patch,

If your savings are dwindling that tells me that there has been some change in the household income or expenses. At one time you were able to save, and now you can’t.

Having money in savings is great and critical but it is clearly a warning sign of bad things over the horizon if you are spending down your savings without a solution that will stop that need. Otherwise what will happen is you will spend yourself down to broke.

If you are unable to raise income you will have to lower expenses. That might mean moving, downsizing, bankruptcy or some other radical adjustment. Typically among the most expensive bills each month are the mortgage and car payments.

If you have government backed student loans, investigate the new Income Based Repayment (IBR) program that will modify student loan payment.

What is Income Based Repayment?

Income Based Repayment (IBR) is a new repayment plan for the major types of federal loans made to students. Under IBR, your required monthly payment is capped at an amount that is intended to be affordable based on your income and family size.

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What federal student loans are eligible to be repaid under an IBR plan?

Any Stafford, Grad PLUS or Consolidation loan made under either the Direct Loan or FFEL program is eligible for repayment under IBR, EXCEPT loans that are currently in default, parent PLUS Loans, or consolidation loans that repaid a parent PLUS Loan. The loans can be new or old, and for any type of education (undergraduate, graduate, professional, job training).

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Who is eligible for IBR?

You may enter IBR if your federal student loan debt is high relative to your income and family size. While your lender will perform the calculation to determine your eligibility, you can use the Departments IBR calculator to estimate if you would likely benefit from the IBR plan. It looks at your income, family size, and state of residence to calculate your IBR monthly payment amount. If that amount is lower than the monthly payment under a 10-year standard repayment plan, then you are eligible to repay your loans under IBR. See below for a more detailed description of how IBR eligibility is determined.

The following chart shows the maximum IBR monthly payment amounts for 2009 for a sample range of incomes and family sizes.

IBR Monthly Payment Amount
Annual Income	Family Size
Annual Income	1	2	3	4	5	6	7
$10,000	$0	$0	$0	$0	$0	$0	$0
$15,000	$0	$0	$0	$0	$0	$0	$0
$20,000	$47	$0	$0	$0	$0	$0	$0
$25,000	$109	$39	$0	$0	$0	$0	$0
$30,000	$172	$102	$32	$0	$0	$0	$0
$35,000	$234	$164	$94	$24	$0	$0	$0
$40,000	$297	$227	$157	$87	$16	$0	$0
$45,000	$359	$289	$219	$149	$79	$9	$0
$50,000	$422	$352	$282	$212	$141	$71	$1
$55,000	$484	$414	$344	$274	$204	$134	$64
$60,000	$547	$477	$407	$337	$266	$196	$126
$65,000	$609	$539	$469	$399	$329	$259	$189
$70,000	$672	$602	$532	$462	$391	$321	$251

After the initial determination of your eligibility for IBR, your payment may be adjusted each year based on your income and family size, but your required payment will never be more than the standard 10-year payment amount (unless you choose to exit the IBR program).

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What are the benefits of IBR?

PAY AS YOU EARN – Under IBR, your monthly payment amount will be less than the amount you would be required to pay under a 10-year standard repayment plan, and may be less than under other repayment plans. Although lower monthly payments may be of great benefit to a borrower, these lower payments may result in a longer repayment period and additional interest.
INTEREST PAYMENT BENEFIT – If your monthly IBR payment does not cover the monthly interest that accrues on the loans, the government will pay your unpaid interest on Subsidized Stafford Loans (either Direct Loan or FFEL) for up to three consecutive years from when you first enter IBR repayment. After three years, and for all the other types of loans, interest that accrues will be capitalized (added to the loan principal on which future interest is calculated) when the borrower no longer is eligible for an IBR repayment amount.)
25-YEAR CANCELLATION – If you repay under the IBR plan for 25 years and meet certain other requirements, any remaining balance will be cancelled.
10-YEAR PUBLIC SERVICE LOAN FORGIVENESS If you work in public service and have reduced loan payments through IBR, your remaining balance after ten years in a public service job could be cancelled if you made loan payments for each month of those ten years. The Public Service Loan Forgiveness Program is available only if you have Direct Loans and you make 120 monthly payments under the Direct Loan Program. If you have FFEL loans, you may be eligible to consolidate them into the Direct Loan Program to take advantage of the Public Service Loan Forgiveness Program. However, only the payments made while in the Direct Loan Program will count toward the required 120 monthly payments. For more information about this program, review the Departments Public Service Loan Forgiveness Program Fact Sheet.

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What are the disadvantages of IBR?

YOU MAY PAY MORE INTEREST The faster you repay your loans, the less interest you pay. Because a reduced payment in IBR generally extends your repayment period, you may pay more total interest over the life of the loan.
YOU MUST SUBMIT ANNUAL DOCUMENTATION To set your payment amount each year, your lender needs updated information about your income and family size. If you do not provide the documentation, your payment reverts to the standard 10-year repayment amount.

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How is the IBR amount determined?

Under IBR, the amount an eligible borrower would repay each month is based on the borrowers Adjusted Gross Income (AGI) and family size. The annual IBR repayment amount is 15 percent of the difference between the borrowers AGI (or an alternate income amount) and 150 percent of the Department of Health and Human Services Poverty Guidelines, adjusted for family size. That amount is then divided by 12 to get the monthly IBR repayment amount. If that amount is higher than the 10-year standard repayment amount on the borrowers loans, then the borrowers required payment is the standard amount. The repayment amount under a 10-year standard plan is calculated based upon the total amount borrowed and the applicable interest rate applied over 10 years. (Unlike the IBR plan, the repayment amount under a 10-year standard plan is not based on your annual income.)

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Are there examples of borrowers who are eligible for IBR and for borrowers who are not?

Example 1 – Based upon the IBR repayment formula a borrower with a family size of one and an AGI of $30,000 would have an IBR calculated payment amount of $172 per month. If this borrower had total student loan debt of $25,000, the calculated monthly repayment amount under a 10-year standard plan with an interest rate of 6.8 percent would be $288. Since the $172 IBR calculated amount is less than the 10-year plan amount of $288, the borrower would be eligible to repay under IBR at a monthly amount of $172. However, if this borrowers total educational loan debt was only $10,000 the 10-year calculated amount would be $115 per month, which is less than the IBR amount of $172. Thus, the borrower would not be eligible for IBR.

Example 2 – A borrower with a family size of four and income of $50,000 would have an IBR calculated monthly payment amount of $212. If this borrower had total student loan debt of $20,000 the calculated monthly repayment amount under a 10-year standard plan with an interest rate of 6.8 percent would be $230. Since the $212 IBR calculated amount is less than the 10-year plan amount of $230, the borrower would be eligible to repay under IBR at a monthly amount of $212. But, if this borrowers total educational debt was $15,000, the 10-year calculated amount would be $173 per month which is less than the IBR amount of $212. This borrower would not be eligible for IBR.

For more information on other repayment plans and calculators, click here.

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How Do Borrowers Apply for IBR?

For more information and to apply for IBR, you should contact the lender or lenders who hold your student loans.

Big Hug!

@GetOutOfDebtGuy

Website Offers Helpful Advice for Those Looking for Student Loan Forgiveness

Steve Rhode — Wed, 15 Apr 2009 15:12:20 +0000

From How to Get Out of Debt

The IBR Info site at www.ibrinfo.org appears to be a good source of information on income based repayment options and student loan forgiveness programs.

For those working in public service jobs, the site give you information that can help you to eliminate your student loan debts based on your job.

How to Get Out of Debt With the Get Out of Debt Guy » ibr

My Student Loan is Almost 30 Years Old and I’m In Collections. – Dawn

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I’m a Single Mom and Up to My Eyeballs in Student Loan Debt. – Debbie

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How Will Student Loan Reform Help Me Get My Defaulted Loans Back in Shape? – Jennifer

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Is It Illegal For Me to Have to Pay More Than Half My Monthly Income to Student Loans? – Kandyce

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We Are Trying to Get Out of American Educational Services Student Loans

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I Work as a Correctional Officer With Loads of Student Loan Debt. – Lynn

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My Social Security Number is Off By One Digit. Do I Still Have to Repay My Student Loan? – Steven

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I’m Willing to Co-Sign a Loan to Help Out My Guy. – Lou

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I’m in Debt to the IRS and Student Loans Only. What Can I Do? – Veronica

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We Are Spending Down Our Savings Trying to Make Ends Meet. – Patch

The Answer:

What is Income Based Repayment?

What federal student loans are eligible to be repaid under an IBR plan?

Who is eligible for IBR?

What are the benefits of IBR?

What are the disadvantages of IBR?

How is the IBR amount determined?

Are there examples of borrowers who are eligible for IBR and for borrowers who are not?

How Do Borrowers Apply for IBR?

Other Related Articles to Read

Website Offers Helpful Advice for Those Looking for Student Loan Forgiveness

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