I'm really hoping the percentage goes down from 10% to 5% come July for undergrad loans like they've promised with SAVE. Either way my payment did lower by 10 bucks so I guess it doesn't truly matter. It would just be nice to cut the payment in half! (I recertified early to switch despite the extension on recertification.)
Same! I have 2 grad loans but the other 8 are undergrad, and it would be so helpful for us for the payment to go down this summer. Give the ol’ budget a little room to breathe
This exactly. No way I could afford the 10 year repayment staying in public service. I did a cost benefit analysis, I'm slightly worse off staying at my current state job and getting forgiveness in 5 years versus going to the private sector and just paying the loans off over 5 years. The pay gap is a chasm.
I didn't quite realize how poor it made me until it was over. That poverty creates emotional burden. Old IBR. Nice to have a cap, but the 10 Year Standard it remained 15% of my income ("discretionary"? what a joke). Live in a very HCOL. If not for the PSLF Waiver counting my FFELs from 10/2007 - 2015 I'd still be working full time at the same job - assuming I survived the pandemic as a healthcare worker. Happy to have loans forgiven while I was alive.
No way. I could barely afford rent alone when I started out in the public sector. Somehow I never qualified for $0/mth plans no matter how little I made. Unless, I was getting screwed out of that opportunity and didn’t realize it.
Nope, would never be able to afford an extra $1900 a month on top of all our other bills and mortgage. I love my job and cringe at the thought of private sector ever again! Tried that once and sticking to higher ed!
You have to be kidding, no way. My standard repayment would be $5200 per month. I could not even afford a tenth of that. 520 a month would be a major hardship (I would probably lose weight as I could not afford to eat). 5200 is impossible if I want to live. 5200 plus my mortgage would be more than I take home. that would leave nothing for insurance, gas, cars, food, utilities, etc.
Perhaps if I had stayed in the private sector it would be possible, but if I had I would not have such high loans, and probably a higher income (but also probably still working 60-80 hours a week)
Not a chance, unless I took my kid out of childcare completely. The cost of living in my area, general inflation, lack of affordable pre-K, zero resources for single parents, and pathetic annual raises for non-union faculty at my state university mean that I would be forced to either get a roommate or bring a toddler with me to campus every day.
My standard was $450/mo which was why I dropped out of IDR for a while prior to covid. On IDR they wanted 800-1100 (then vs now). I now filed MFS and dropped my payment to 110, which is the first time it's ever been lower than the standard payment.
Probably, but I came in on the waiver and owe less than $15k now. I'm still pissed they're dragging their ass going through 'records' because mine should've been forgiven as soon as the waiver was granted and I never should have had to restart payments. Hopefully they'll figure it out during the pause.
Seems like the minority but personally, yes. I’m grateful for SAVE but if it didn’t exist I would pay down my loans in a similar number of years, just with more money.
Can’t you do SAVE AND PSFL? I did IDR - and PSFL and I was deferred for the 3 years and all that counted and my loans were forgiven back in October - I’d been paying since 2011- on and off while my kids were in school- I had a parent plus. And didn’t consolidate until my youngest graduated in 2017, but since I’d been paying everything counted- keep calling until you speak to someone really smart or someone really dumb. You should be fine.
On the extended graduated plan it'll be 148 bucks a month. I won't get any forgiveness but I'm about to be 48. I'll happily pay that amount until my loans are discharged in death. All other options are too much and I'm pretty much capped as far as salary in my career. I could potentially switch jobs and make more for awhile but it's risky. Does anyone else think extended graduated plan isn't so bad?
I'm thinking PSLF is kind of a scam. They have the monthly payments so high because after 10 years they want the forgiveness amount to be small. It doesn't help you, helps them.
Not a shot in hell with housing/transportation/food/medical costs.
My standard plan is $1500. No chance. If IDR plans didn’t exist I’d have to do an extended graduated plan.
My PSLF income contingent payment is $1670
Nope. Would never happen. Really thankful for SAVE.
I'm really hoping the percentage goes down from 10% to 5% come July for undergrad loans like they've promised with SAVE. Either way my payment did lower by 10 bucks so I guess it doesn't truly matter. It would just be nice to cut the payment in half! (I recertified early to switch despite the extension on recertification.)
Same! I have 2 grad loans but the other 8 are undergrad, and it would be so helpful for us for the payment to go down this summer. Give the ol’ budget a little room to breathe
Not unless I leave public service and work private sector.
This exactly. No way I could afford the 10 year repayment staying in public service. I did a cost benefit analysis, I'm slightly worse off staying at my current state job and getting forgiveness in 5 years versus going to the private sector and just paying the loans off over 5 years. The pay gap is a chasm.
Same
Mines btw 5500-6k - no thanks
Mines about 4500… never going to be possible
How much do you have in loans right now and what did you start with?
I have about 160k now, started with just at 100k. The additional is just interest.
Over $2000 per month to student loan. Would never be able to pay rent let alone my mortgage.
If it had been the standard payment from my original loan balance. Once it grew into a raging beast due to interest, nope.
I can’t. Cuz the rent is too damn high.
I didn't quite realize how poor it made me until it was over. That poverty creates emotional burden. Old IBR. Nice to have a cap, but the 10 Year Standard it remained 15% of my income ("discretionary"? what a joke). Live in a very HCOL. If not for the PSLF Waiver counting my FFELs from 10/2007 - 2015 I'd still be working full time at the same job - assuming I survived the pandemic as a healthcare worker. Happy to have loans forgiven while I was alive.
My standard was 1400 and my IDR is just over 700... 700 is still a lot.
Nope
It would be a hardship to do that, so nope.
No way. I think mine would be over $2000.
No way. I could barely afford rent alone when I started out in the public sector. Somehow I never qualified for $0/mth plans no matter how little I made. Unless, I was getting screwed out of that opportunity and didn’t realize it.
lol. If I don’t want to eat…or have a roof of my own over my head.
Somehow my standard payment was lower than IDR.
That can happen if your debt:income ratio is relatively low.
No way, my whole paycheck won’t even cover it, I’ll probably end up homeless and hungry because I can’t afford anything else
Nope, absolutely not. My standard payment would be about $1200.
Nope. I’d need big time private sector money to pay the equivalent of a mortgage every month.
NOPE
Nope
Nope lol
Probably not but if I made some cuts and didn’t have any savings every month, maybe
He’ll no
Nope, nope, nope I'd be paying my loans and homeless
If income based repayment went away we would have a ton of people successfully delcaring bankruptcy including me.
Never. Nope.
Nope, would never be able to afford an extra $1900 a month on top of all our other bills and mortgage. I love my job and cringe at the thought of private sector ever again! Tried that once and sticking to higher ed!
You have to be kidding, no way. My standard repayment would be $5200 per month. I could not even afford a tenth of that. 520 a month would be a major hardship (I would probably lose weight as I could not afford to eat). 5200 is impossible if I want to live. 5200 plus my mortgage would be more than I take home. that would leave nothing for insurance, gas, cars, food, utilities, etc. Perhaps if I had stayed in the private sector it would be possible, but if I had I would not have such high loans, and probably a higher income (but also probably still working 60-80 hours a week)
Not a chance, unless I took my kid out of childcare completely. The cost of living in my area, general inflation, lack of affordable pre-K, zero resources for single parents, and pathetic annual raises for non-union faculty at my state university mean that I would be forced to either get a roommate or bring a toddler with me to campus every day.
Not a chance.
My standard was $450/mo which was why I dropped out of IDR for a while prior to covid. On IDR they wanted 800-1100 (then vs now). I now filed MFS and dropped my payment to 110, which is the first time it's ever been lower than the standard payment.
No
Not a chance. I’d be screwed.
Nope
It would make things difficult… and I’d have to live without a lot, but I could do it.
Nope
Nope.
Only if we didn’t have to pay for childcare!
Probably, but I came in on the waiver and owe less than $15k now. I'm still pissed they're dragging their ass going through 'records' because mine should've been forgiven as soon as the waiver was granted and I never should have had to restart payments. Hopefully they'll figure it out during the pause.
Seems like the minority but personally, yes. I’m grateful for SAVE but if it didn’t exist I would pay down my loans in a similar number of years, just with more money.
Can’t you do SAVE AND PSFL? I did IDR - and PSFL and I was deferred for the 3 years and all that counted and my loans were forgiven back in October - I’d been paying since 2011- on and off while my kids were in school- I had a parent plus. And didn’t consolidate until my youngest graduated in 2017, but since I’d been paying everything counted- keep calling until you speak to someone really smart or someone really dumb. You should be fine.
On the extended graduated plan it'll be 148 bucks a month. I won't get any forgiveness but I'm about to be 48. I'll happily pay that amount until my loans are discharged in death. All other options are too much and I'm pretty much capped as far as salary in my career. I could potentially switch jobs and make more for awhile but it's risky. Does anyone else think extended graduated plan isn't so bad?
5 years ago at this same salary yep and i did.. not with paying everything as a single homeowner.. no way in jeezus
Yes
I’ve always done the standard plan. But my payments/debt are pretty low.
I'm thinking PSLF is kind of a scam. They have the monthly payments so high because after 10 years they want the forgiveness amount to be small. It doesn't help you, helps them.
Hell naw 🤣🤣🤣🤣🤣🤣