I’m on an IBR But Think I’ve Paid Enough on My Federal Loans – Tony


Dear Steve,

Original Loan in 1994 was $11,200.00 my current balance today is $11,100.00.

I have a student loan that started with Sallie Mae and is now with Navient. I am currently on an IBR.

My account payment history shows I have paid back over $17,200.00 to Sallie Mae since 1994. I am tired of giving these people my money. When is it enough for them to stop suck money out of a hard working person.

I of course have had forbearances do to tough times working at low paying but best job I came find. It’s not like $50,000.00 per year jobs are just available everywhere.

I’m also now considered 75% disabled do to two separate work related injuries. So to top it off now I can now only work in light duty jobs. I need help with what to do about this loan. It’s killed my credit. I’ve driven nothing but beater cars for the last 7 years. I was just recently turned down for a low payment lease due to my credit score.

I really don’t feel that after paying $17,200.00 on an original $11,200.00 loan that I should have to pay anymore on this loan. Thank You!



Dear Tony,

Depending on your monthly payment on the IBR, your loan balance can grow, just like it did on forbearance. This is exactly why I wrote Why Income Based Student Loan Payments Can Be a Terrible Trap.

At this point your options are to find a bankruptcy attorney who will take on your case and file and adversary proceeding to argue that the IBR payments constitute an unfair hardship, qualify for a Total and Permanent Disability Discharge, or keep making the IBR payments and re-certify every year. This will keep your payment low or at $0/month and after 25 years of payments the balance may be forgiven.

Both the income driven plans and forbearance can easily cause your accrued interest to build and enlarge your balance. That’s the way those programs work.

See also  I'm a Teacher, Pregnant, and Trying to Pay Off Student Loans


You are not alone. I'm here to help. There is no need to suffer in silence. We can get through this. Tomorrow can be better than today. Don't give up.

Damon Day - Pro Debt Coach

Steve Rhode

1 thought on “I’m on an IBR But Think I’ve Paid Enough on My Federal Loans – Tony”

  1. Steve Thank You for your quick response. I will take your advice to maintain the low IBR payment plan, I hope to rebuild my credit rating by keeping this account current through these payments. I regret going to college mostly because of this issue. College is not for everyone, completely think it through first. Don’t get yourself in debt pursuing a miss guided dream. .


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