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    IBR is a scam: from $530/mo on Save plan to $1200/mo on IBR

    It’s a vent. If you want to respond I’m looking for solidarity: I don’t think there’s anything I can do about it. I can’t afford it. 1200/mo is half my mortgage and half my biweekly pay. So… I can lose my house or pay my loans.

    I’m not going to enroll yet. Still waiting on a PSLF Buyback I submitted in October last year and maybe with the help of my retired parents on a fixed income, I can just buy these months of forbearance. Or I guess ask them to pay my loans until our government remembers citizens need housing and food, not debt. And hope they don’t get sick and need that money for healthcare. Thank God they exist or else I’d be homeless very shortly. Too bad their retirement will be taken by an uncaring machine.

    Also, I already have two jobs.

    IBR is a scam: from $530/mo on Save plan to $1200/mo on IBR
    byu/Wise_Candle_7529 inStudentLoans



    Posted by Wise_Candle_7529

    14 Comments

    1. KnittedOwl on

      Mine isn’t that high, but it’s still more than I can afford. It’s absolutely ridiculous what they are doing to us. I had to put mine on deferment or foreberance. Whichever is for financial hardship and still gets interest.

    3. bread-ma-79 on

      I read this will be the highest default fiasco ever. No one can afford it. I have 91k and recertification under old IBR is in Sept. My payment could be up to $300 and my car was totalled this weekend. So car payment or loans? They make you pick between paying them to fund stupid decisions they make, also read student interest is one of their highest revenues. Or having things to live and get by. Do they not understand when they put us in predatory debt, they ruin the economy because no be can afford shit. And don’t get me on Healthcare omfg..

    4. Impossible_War_6809 on

      My payments triple. This will be a nightmare for so many people. We will be buying necessities only for several years if this is not reversed and consider ourselves lucky. Economy is gonna get hurt because we will no longer spend on the fun stuff. Welcome to the GREAT America 🇺🇸

    5. horsebycommittee on

      Is $1200/month the correct IBR value for you? This would mean (if you’re unmarried with no children) that your AGI is about $120K. If that’s the case, the new RAP plan would be cheaper at only $1,000 per month and it’s possible that ICR would also be cheaper, depending on your loan balance.

    7. sailorsmile on

      IBR is definitely not a scam but I think you having to wait so long for buyback IS a scam.

    9. Either-String5608 on

      So you have one entire pay check that goes only to Mortgage? and the other bi-weekly check you would only have half left? Sounds like you made some poor financial decisions. Thats called being house poor…especially when you have to work two jobs to just cover all of that prior to student loans.

    10. PeasantDog on

      SAVE was a scam really. It was nice to take advantage of when it was there, but illegal it was

    11. VodoSioskBaas on

      Anyone have the details on the 15% of paycheck wage garnishment cap? I’ll be “going that route”

    12. BusyFriend on

      Can you get on PAYE until RAP comes out? PAYE is good until 2028 and my payments are much more manageable than IBR. It sounds like you’re on the old IBR plan and I agree it’s a scam.

    13. Jay4usc on

      Go apply at a Junior College, take one online class and defer your loan until the Dems take control again. This programs are just stupid and unaffordable

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