I just finished Pharmacy school in December and am preparing to repay my student loans. I started school in 2001 and earned a Bachelors and a Masters in Chemistry. During that time period, I accumulated $6500 in student loan debt.
Pharmacy school cost me $155,000 in additional student loans. I am very disappointed to find out that I am not eligible for the Pay as You Earn repayment plan which forgives student loan debt after 20 years of paying 10% of your discretionary income (AGI - 150% of the poverty level). Which would equal about $685/month for my loans x 20 years (of course that # should grow with time, but that is the starting point).
Instead, because I am not a "new borrower", I am not eligible for the Pay as you Earn plan. If anyone has any outstanding loans prior to October 1st, 2007, they are not eligible. Why can't my loans fall into separate categories? I would gladly pay off ineligible student loan separately, and I should have the option to do so. My "eligible" student loans make up 97% of my debt.
Under the IBR plan, I will have to pay $1022/month (give or take) x 25 years. ~$250,000 vs ~$170,000
Pharmacy school cost me $155,000 in additional student loans. I am very disappointed to find out that I am not eligible for the Pay as You Earn repayment plan which forgives student loan debt after 20 years of paying 10% of your discretionary income (AGI - 150% of the poverty level). Which would equal about $685/month for my loans x 20 years (of course that # should grow with time, but that is the starting point).
Instead, because I am not a "new borrower", I am not eligible for the Pay as you Earn plan. If anyone has any outstanding loans prior to October 1st, 2007, they are not eligible. Why can't my loans fall into separate categories? I would gladly pay off ineligible student loan separately, and I should have the option to do so. My "eligible" student loans make up 97% of my debt.
Under the IBR plan, I will have to pay $1022/month (give or take) x 25 years. ~$250,000 vs ~$170,000
