Hello,
Like everyone else I need help in deciding what to do. I am currently 61 years old and will be 62 in Sept. My student loans are
1. $5,010 subsidized 6.80% 6/2011 dispersed
2. $7,576 unsub 6.80% 6/2011 dispersed
3. $3,940 Grad Plus 7.9% 6/2011 dispersed
4. $34,738 consolidated 4.68% 4/12 loan origination
5. $24,981 consolidated 4.68% 4/12 loan origination
My loans are held by Mohela. I am trying to get the lowest monthly payment and want to know if general forgiveness is an option. Student Aid says they can’t give me a total count and Mohela refers me back to Student Aid. The loan simulator shows with my current AGI from 2025
ICR $771 per month $17,795 to be paid end of payment period bal $59,719 in April 2028.
ICR $743 per month, $19,101, payment period bal $59,016 in June 2028
Extended fixed $534-$491, to be paid $118,632, 0 bal as of June 2045.
My current income is
Pension $75,136 per year
Currently f/t job $40,000
Social security starting 9/26 $4000
I plan on working f/t for 3 more years. The payments above are based on my last years income tax when I was only working p/t. So my AGI will go up next year. I don’t know what to do. RAP looks like a higher payment overall with my new income next year. Is Student Aid loan simulator accurate? I don’t know how many actual payments I have made over the years, there were several forbearance terms since entering repayment in 2012. Any guidance would be greatly appreciated or should I pay for a student loan consultant. The stress is ridiculous!
I am currently in SAVE and forbearance
Thank you
Posted by gilligan915
2 Comments
looks like you’re in tough spot with all those numbers. at 61 with those balances it might be worth checking if you qualify for any discharge programs – disability discharge could be option if you have any qualifying conditions, or there’s closed school discharge if any of your schools closed
the payment amounts from simulator should be pretty accurate but they change when your AGI goes up next year with full time income. if you’ve been making payments since 2012 you might want to request payment history from mohela to see actual count – sometimes forbearance periods don’t count toward forgiveness but depends on the program
with your age maybe focus more in extended repayment to keep payments lower rather than income driven plans, especially since your income is going up. the stress part is real though, maybe worth talking to nonprofit credit counselor instead of paying consultant
You would need 300 qualifying payments for IBR forgiveness and 360 for RAP.
You can use this link to view the hidden data file used for the IDR counts to check your progress towards forgiveness. You MUST LOG IN FIRST to your studentaid.gov account and then click the link: [https://studentaid.gov/app/api/nslds/payment-counter/summary](https://studentaid.gov/app/api/nslds/payment-counter/summary)
It should look like a black page with a bunch of white text. You are looking for the parts that say “qualifyingpaymentcount”. It will appear multiple times. It’s broken down per loan and then per each payment plan. That number is your IDR count towards forgiveness. Keep in mind that there may be errors in the counter but right now this is what will give you the best idea about your progress.