The new student loan programs pay off options

[Dred Pirate]

so - this may be a stupid question, but I know they have new student loan payment options where they forgive your loans after a set period and your payment is based on your income. I am guessing I either do not qualify, or it does not make sense for me, but what are the specifics or where can I find them?

I graduated in 03 - currently owe 70k (originally 115k) but at a crazy low interest rate of 1.8% Work in a non-profit hospital.

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[FlavyFlav]

At that amount you probably would pay more than what the 10 year payment would be if you went on IBR. You aren't eligible for PAYE as it only counts for loans after 2007.

If you only owe 70k and only have 1.8% just sit back and keep making payments. Why pay more under the IBR plan when you can already do that under your current plan?

 

[Dred Pirate]

At that amount you probably would pay more than what the 10 year payment would be if you went on IBR. You aren't eligible for PAYE as it only counts for loans after 2007.

If you only owe 70k and only have 1.8% just sit back and keep making payments. Why pay more under the IBR plan when you can already do that under your current plan?

I just was not familiar with the PAYE and IBR - I figured I would be better off just doing what I am doing, but wasn't sure how they calculated the payments and forgivness (if any)