I pulled info for my wife’s govt loans from student aid payment counter summary page and I need help deciphering it. Does she need to apply for or enroll in ICR/IBR to obtain the forgiveness? I see she’s a few years away. Reason I ask is we were about to put extra towards these loans but don’t want to if they’re going to be forgiven in 57 payments (approx 5 years). Thx in advance for the help!
Her loans are consolidated loans (2 loans) info below is for both loans:
TYPE: ICR
Borrower/Loan Eligible: Y
qualifying payment count: 224
Forgiveness required payments: 300
Forgiveness payments remaining: 76
TYPE: IBR
Borrower/Loan Eligible: Y
qualifying payment count: 243
Forgiveness required payments: 300
Forgiveness payments remaining: 57
Posted by EdPortolo
1 Comment
Depends on the balance and your income.