Hello can any one explain to me like im five how income based repayment works and if i would qualify
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I make less then 53k a year
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I have outstanding medical debt around 10k
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I have a vehicle loan
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I have other debt totaling 3k
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I dont have my own place
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My loan with interest is around 55k
Im sorry im just not literate when it comes to this stuff
Posted by Bubbly_Smile2848
4 Comments
Most of that isn’t relevant. What is your AGI and family size? When did you borrow your first loan?
My first loan was around 2014 and looks like if i did it correctly its 53,768
The only things that student loan servicers are going to consider are:
1. I make less then 50k a year
2. My loan with interest is around 55k
Unfortunately, they don’t care about the rest. You’ll qualify for an income-based repayment plan (assuming you’re talking about federal loans, not private). But you will need to apply for the plan and provide documentation to your servicer.
Go to the student loan repayment calculator. It will give the best answer