Hello! I just applied for Income Driven Repayment and my monthly bill went from $740 to $49.
However, when I look at my payment schedule, after months 1-12 it just shoots back up to $740.
Is this normal and just going to look this way until I recertify or will I really be stuck with that big of a payment?
Income Driven Repayment Increase after 12 months?
byu/Objective_Amount_323 inStudentLoans
Posted by Objective_Amount_323
4 Comments
Your payment amount is only good for 12 months and then you have to recertify your income or it will become a standard payment amount
People are really just making impulsive decisions on a MAJOR part of their finances without spending time to even look into how it works?
How much do you make, how much do you owe
You have to recertify every 12 months. If you don’t recertify with updated income then it default to the 10 year plan.