I have about $130k in loans combined from undergrad, masters, and doctorate in music. I have never made a payment because when I graduated in 2023, I entered the SAVE plan and my income was low enough that I had a $0 payment. My first loan was in 2014.
My AGI for this past year was only around $25k (made closer to $40k combined W2/1099, but after expenses etc due to self employment). Hoping to make more, but I am a college teacher (adjunct as of now).
Iād appreciate any advice you may have š I know everyone is posting about this, but I just feel so confused looking at the options. Nelnet has started calling to confirm my info, so I know change is coming. Thank you in advance.
Which repayment plan should I plan on switching to?
byu/halloweencactus inStudentLoans
Posted by halloweencactus
1 Comment
If you had any loans before July 2014 then your IBR payment would be about $15. If all of your loans were taken after July 1, 2014 then your IBR and PAYE payments would be about $10.
RAP would be about $42. RAP will have an interest subsidy and a matching principal payment that may be helpful depending on your goals. Read about RAP and the upcoming changes here: https://www.reddit.com/r/StudentLoans/s/lsHO2ct2JR