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Dent001

BAMF
7+ Year Member
Aug 16, 2010
191
23
Status
Dental Student
i'm looking over my loan offers online and there are certain payment plans listed that no one ever mentions. it was mentioned at the usc interview's financial aide presentation, but the school im attending's financial aide counselor hasnt even heard of it. there is a payment plan which allows you to pay only 15% of your yearly income for 25 years, pay tax on remaining balance, then rest is totally forgiven. for those of you like me who are going into $350k+ at 7% interest this sounds like a great deal. you get to live a very comfortable life and basically live with good debt.


anyone have thoughts on this type of payment plan, maybe i'm missing some important points?
 
Last edited:

HoustonDAT

10+ Year Member
Jun 21, 2008
185
3
Status
Dental Student
i'm looking over my loan offers online and there are certain payment plans listed that no one ever mentions. it was mentioned at the usc interview's financial aide presentation, but the school im attending's financial aide counselor hasnt even heard of it. there is a payment plan which allows you to pay only 15% of your yearly income for 25 years, pay tax on remaining balance, then rest is totally forgiven. for those of you like me who are going into $350k+ at 7% interest this sounds like a great deal. you get to live a very comfortable life and basically live with good debt.


anyone have thoughts on this type of payment plan, maybe i'm missing some important points?
It's called Income Based Repayment Plan.
 
Mar 20, 2010
429
1
Status
Pre-Dental
What if you somehow end up making a million dollars a year? That's 150k a year to the government for just your loans, not including taxes.
 
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Bereno

Smoking Monkey
7+ Year Member
Apr 15, 2011
1,988
503
Cincinnati, OH
Status
Resident [Any Field]
I guess it depends on what you think you will be making. If you are going to specialize, I say don't do it. If you are going to be serving the poor, making a lesser income, do it. Just my opinion though...
 
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