Lower your student loans IBR Pay as you Earn Program!

[elprup, BSN, RN]

For those of us with students loans and difficulty paying them, Have you heard of IBR Pay as you Earn Program? I saw an advertisement in my local paper and decided to check it out. It is through studentloans.gov. I did not think it could help me, but it did!

https://studentloans.gov

And click on IBR Pay as you Earn in middle left area.

I filled out application online about a week ago and was able to link my IRS taxes and just got word that my payments are $0.00 until 3/2014! I even had my loans deferred for a while due to inability to secure employment and they did not care. It is based on your income. So if you are having trouble getting the job and need help with student loans, see if YOU qualify.

I wanted to share, because I know there are others that could use this.

Ps obviously I am going to try and pay what I can to my higher interest rated loans while I am on this to get them paid off. And I do not understand all the ramifications of this IBR Program, but for now, it is a godsend.

[julz68]

Thanks!!!!!!!!

[elprup, BSN, RN]

After I filled out the application, it was Sallie Mae that contacted me stating that my payment is now $0. So I believe everything is legit.

[elprup, BSN, RN]

I have had a few questions. mine was based on my 2012 taxes because my income was low and remains low until I secure decent RN job.

There is a part of application where you can explain any differences, like you lost your job recently, so now your income is much lower. i think you have to send them paperwork documenting that fact but i do not know what it entails. try it and let us all know. it is tough out there these days. best wishes

sorry typing on my iphone and not very good at it.

[joanna73, BSN, RN]

Will this program pay a portion of your loans off during this year? Having a zero payment is great, but not if your principal remains the same.

[LadyFree28, BSN, LPN, RN]

The unemployment option for a IBR program or by deferrement basically worked for me the same way. My student loans though my state servicer actually went down, as well as Sallie Mae by 10 percent. I could've paid the interest; it was optional. I'm sure it would've went down by more. I chose to extend it though. I'm going to put something down on the interest every three months if I can. Once I secure something more stable, my monthly payments will be payable.

[joannalpn]

Thank you :)

New grad (dec2012) no job yet

[RLtinker, LPN]

How does this work is it a percentage or a fixed amount?

[biys75]

Here is a link to the IBR calculator.

http://www.ibrinfo.org/calculator.php

[megank5183]

so many people don't know about this! Also if you work for a non-profit for ten years, your loans will be forgiven and will not be considered taxable income. This is the same amount of time it would take to pay off a standard repayment loan. And no need to feel guilty about not paying the principal back-corporate interests have been bailed our for decades! It's time the little guy got a break!!