Hi Heather,

Could you please write a post explaining the President’s new proposal concerning the new IBR percentage dropping from 15% to 10%.  Thanks!

Heather:

If the President’s proposal passes, will the reduction from 15-10% apply to those who have graduated and are already making IBR payments?

I have Stafford Loans (both Direct and FFEL/Subsidized and Unsubsidized) dating back to 2006 that have not entered grace or repayment. I will finish my program this December (2011). Will all my loans be eligible for the more generous IBR terms? Can the Presidential Executive Order accelerating these new IBR provisions be overturned by Congress or challenged in court? Thanks in advance, Heather!

Could the 10% be coming to ICR, too?

Heather,

Does the new IBR 10 percent plan apply to those who graduated before 2012?

Heather,
I have similar questions as the posts above.  Who qualifies for the IBR drop from 15% to 10% in 2012?  Do those currently enrolled in IBR at 15% qualify for the 10% starting in 2012?  Is any action required or will IBR be reduced automatically?  If only new borrowers qualify, how is new borrower defined?  Does that person need to have a federal loan disbursed in 2012?
Thanks!

I have no idea about it. In any case, hope it was for the good of all.

Is this a viable strategy?

Situation:  Currently in IBR with a consolidated Direct Loan making payments at 15% of discretionary income.  Loans were consolidated more than 5 years ago.

Strategy:  Would I be eligible for 10% if I were to take out a new loan in early 2012 and consolidate it with my existing loan? 

What I know:  I meet the criteria for the new Special Loan Consolidation Program.  (I have left out relevent details, but I know that I am.)  I know that application to this SLCP program is time sensitive.  Loans in deferment are eligible for this consolidation.  I know that I would not lose credit for the number of payments that I have already made toward the 120 needed for Public Service Loan Forgiveness.

When I call the Special Consolidation Loan Program number to get my questions answered, I get different answers each time that I call.

Hey, y’all.  This is all we know at this point: http://askheatherjarvis.com/blog/will-the-presidents-student-loan-initiatives-help-you

The rest of the details won’t be worked out until the upcoming negotiated rule making session that starts in January.

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nice job guys

I have no idea about it. In any case, hope it was for the good of all.
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