10/27/11Article: Clearing Up The New Rules Regarding Federal Student Loan Rules

[Lesley]

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Full Article:

http://www.nytimes.com/2011/10/27/y...-new-federal-student-loan-rules.html?_r=2&hpw


May be pertinent to many SDNers

Q. Any other catches?

A. Yes. This new income-based plan is not available to people who graduated in 2011 or earlier and have no plans to take out any new federal loans. Instead, you must have at least one federal loan from no earlier than 2008 and also take out one more in 2012 or later to qualify.

Graduate students are eligible, too, but you have to have taken your first loan out no earlier than 2008 to qualify, in addition to taking out at least one more in 2012 or later. So if you’re a sixth-year doctoral student, this might not work for you. That said, you might be eligible for the older, less generous plan.

 

[shantster]

Full Article:

http://www.nytimes.com/2011/10/27/y...-new-federal-student-loan-rules.html?_r=2&hpw


May be pertinent to many SDNers

Q. Any other catches?

A. Yes. This new income-based plan is not available to people who graduated in 2011 or earlier and have no plans to take out any new federal loans. Instead, you must have at least one federal loan from no earlier than 2008 and also take out one more in 2012 or later to qualify.

Graduate students are eligible, too, but you have to have taken your first loan out no earlier than 2008 to qualify, in addition to taking out at least one more in 2012 or later. So if you’re a sixth-year doctoral student, this might not work for you. That said, you might be eligible for the older, less generous plan.

Does anyone know what they mean by 2012? If I have my second semester loans coming out in 2012, but were awarded in 2011, do they count as 2012 or 2011?

 

[dynx]

Does anyone know what they mean by 2012? If I have my second semester loans coming out in 2012, but were awarded in 2011, do they count as 2012 or 2011?

Don't worry...I'm sure this is one of a thousand questions that will be answered when you try to get loan forgiveness far far far in the future.🙂

 

[shantster]

Don't worry...I'm sure this is one of a thousand questions that will be answered when you try to get loan forgiveness far far far in the future.🙂

I assume the PSLF won't be around in 10 years, or I'll have paid back my loans by then (I really don't have too much). I'm more wondering on the 15% vs. 10% IBR for this portion of the loan.