IBR question

[tyman123]

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So I'm on IBR and I've been paying about $40-50 a month this year, which is down from $400 a month from the previous year. Anyone elses payments fluctuating this much from year to year? Income hasn't really changed and I've been doing the automatic IRS data retrieval tool on studentloans.gov

Also PSLF is now 25 years instead of 10? When did this happen?

 

[RangerBob]

PSLF is 10 years--the 25 year you're referring to is IBR and now REPAYE loan forgiveness. Well, for most of us REPAYE is 25 years--if you owe less than a certain amount it's 20.

I'm not sure why your IBR payment is fluctuating--there could be a number of reasons, but if your current payment is $50, it's probably because you were an intern last year and had only half a year of salary to report. If that's not the case, I'm not sure what would cause the calculation to be so low (or why you'd have a $400/month payment as an intern if you're using the IRS link, as then you'd have $0 payments as an intern). Generally most residents pay around $4-500/month.

 

[POW16]

Same happened to me. I went from paying $400 last year as an intern to $100 now. I'm just going with the flow.

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[Bacchus]

I went from 495/month to 630/month when I recertified as a PGY-3 :'(

Can anyone comment on this rumor above of PSLF going to 25 instead of 10 years?

 

[Raryn]

I went from 495/month to 630/month when I recertified as a PGY-3 :'(

Can anyone comment on this rumor above of PSLF going to 25 instead of 10 years?

No. IBR is 25 years. PAYE is 20 years. PSLF is 10. Different programs depending on how old your loans are and whether you're working for a nonprofit.

 

[Doctor Bagel]

No. IBR is 25 years. PAYE is 20 years. PSLF is 10. Different programs depending on how old your loans are and whether you're working for a nonprofit.

And now REPAYE, which expands PAYE to people with loans from before 2007 is going to 25 years for forgiveness for grad school loans and 20 years for undergrad loans.

 

[maxxor]

Same happened to me. I went from paying $400 last year as an intern to $100 now. I'm just going with the flow.

I think this is related to income driven repayment forms now asking for paystubs / offer letter on first certification, thus calculating based on full year's salary, then after intern year is over, they use the tax return which is "half-salary".

at least that's what happened to me. I never got the mythical $0 IBR payment.