Income based student loan plans — The Bump
Toddlers: 12 - 24 Months

Income based student loan plans

Does anyone use these currently?  I'm trying to decide if this is my best option.  I'm a teacher and plan to remain in this field for atleast 10 more years.  I have around $25,000 left in student loan debt, and we make less than $40 a year. Thoughts?

Re: Income based student loan plans

  • My DH just filled out the income based repayment info.  It lowered the payment quite a bit.  He has a lot of student loan debt.
  • My advice would be to try to pay it off as much as you can.  I did the payment lowering thing and after 10 years of paying, I barely made a dent in it (I had also done a few deferments, which was a huge mistake).  Dh had to finally take out a home equity loan, which had a lower interest rate, and pay it off for me this year.  It's crazy how long it takes to pay off and how the interest gathers when you lower your payments.



  • Yes, but after ten years my loan can be forgiven as long as I stay in a public service job.  I teach in a public school,and I have no plans of going anywhere for atleast ten years. I want my children to go to this elementary school.  So then is it worth doing the plan?
  • Did you use an online calculator to see how it would adjust your payment?  I did that and it seemed like it would reduce it dramatically; plus, at the end of ten years, your loans are forgiven.  I think that year you have to claim the "forgiven" amount as income, though, so that's something to think about.  (I'm not positive on this and could have it mixed up with some other loan program :))  Good luck!
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