I’m 52 and work 2 jobs at 80 hours a week, at the top end of my earning potential. I make 140,000 a year and owe 130,000 in loans at 5.5%, undergrad pre 2014 and graduate school post 2014. I consolidated for SAVE. I work in private sector. My goal is lowest payments-don’t care about paying them off, I’m 52, they’ll die with me. It appears the extended graduated plan is the cheapest based on the estimated calculation on the student loan site. If later I have to reduce my income (too old to continue working so much or retire) am I able to switch to a lower income based plan?
Advice on choosing plan post save
byu/Open_Error7715 inStudentLoans
Posted by Open_Error7715
2 Comments
Extended doesn’t count towards forgiveness. You would have to use an IDR plan for that if that’s your goal. But it can potentially offer you lower payments for now. You can switch to an IDR plan whenever you want.
Rules are being proposed that will make it so RAP payments count towards IBR forgiveness fyi. So check back at this sub periodically.
That might make RAP best for you