Hey everyone,
I’m hoping someone can help me with a quick question concerning the standard repayment. I consolidated my federal loans in 2017 and I have been on an IDR ever since, last time recertifying before COVID in 2019. My income has increased and I am now filing jointly with my husband, so I am considering just going through with the standard payment.
My question is, is the standard repayment calculated based off of the original timeline? So in my case, they would give me a payment to completely pay off the loans by 2027, 10 years since they were consolidated? Or is it 10 years from switching out of the IDR and starting the standard again?
Just trying to figure out if I can even swing the standard repayment or not.
Thank you!
Posted by meganeg08
1 Comment
It is 10 years minus however many years spent in repayment already. On FSA.gov my spouse’s calculator shows the full 10 year payment amount which is pretty low. But when talking to NelNet their estimate was much more as there is only 4 years left after 6 years of paying on PAYE.
It is also only looking at active repayment. So time in COVID pause and other deferment/forbearance doesn’t count.