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After your income goes up, how do they recalculate payment term and amount?

Posted 26 October 2012 11:37 AM

anting Newbie

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Joined 2012-10-26

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Hi Heather—Wonderful site!  I’ve forwarded your url to a few friends.

I graduated from law school in 2005 and paid off my private loans.  My remaining federal loans (about $43K today) were consolidated, and I pay about $250 a month (which will continue for 30 years, until 2035).  I started AmeriCorps VISTA service Aug 2012, which will continue until Aug. 2013.  I’m interested in entering IBR, but am confused.

1.  If after I finish my AmeriCorps service, I get a job and no longer qualify for partial financial hardship, I understand that I would pay the amount I would have been required to pay under a 10-year Standard Repayment Plan.  How can I figure out how much that is?

2.  I also understand that may repayment period would be recalculated as well.  How can I find out how long that repayment period is?

Thanks,

Anting

Posted 28 October 2012 01:19 PM #1

Heather Administrator
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Joined 2011-03-30

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Glad the site is helpful!  It’s a good idea to contact your loan servicer for help making these estimations.  You can find the contact information for your servicer on http://nslds.ed.gov.  You can also use the online calculators.  Look here: http://www2.ed.gov/offices/OSFAP/DirectLoan/calc.html

     

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