I first took out loans in 2012 and graduated in 2016. I have since been on the standard repayment, covid forbearance, in school forbearance (I got my masters from 2020-2021), SAVE, SAVE forbearance and now I am on PAYE.
I know I will need to switch to either old-IBR or RAP by 2028. I have tried to use the backdoor counter to see how many payments I have made thus far and it looks like it is about 100 payments on the oldest loans.
I am not sure how reliable the backdoor counter is and I want to try to be as mindful of the time as possible. I am moving into non-profit work and I am hopeful to start chipping away at the 120-PSLF payments but I am worried about how much time I have left before the tax bomb to reach it.
Am I safe in assuming that since I graduated in May of 2016 and entered repayment 6 months later, that the earliest dates I would hit the tax bomb would be Nov 2041 (IBR) or Nov 2046 (RAP)?
When can I expect the tax bomb?
byu/Either-Connection-70 inStudentLoans
Posted by Either-Connection-70