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The Something Awful Forums > Discussion > Ask/Tell > Business, Finance, and Careers > Ask Me About Student Loans!
 
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Joker
Aug 6, 2001
 Sorry if something similar has been asked and I missed it, but here is my situation-

I'm going to be graduating with my Master's in Social Work in May. Between my undergrad and graduate loans, I should owe about 25k. There is a federal program that will pay back 50k in loans if I pledge to work two years for the company that I already work for once I get my LICSW (in 2 years). Because of this repayment program, I want to pay as little as I can on my loans from once I graduate in May 2012 until 2014 when the government will pay back all my loans. What is the best game plan to pay off as little or nothing on these loans and have the government wipe them out for me in 2 years?

code:
Type of Loan 	Loan Amount 	Loan Date 	Disbursed Amount 	Canceled Amount 	Outstanding Principal 	Outstanding Interest

1 	DIRECT STAFFORD SUBS 	$8,500 	08/03/2011 	$4,250 	$0 	$4,250 	$0
2 	DIRECT STAFFORD SUBS 	$8,500 	08/16/2010 	$8,500 	$0 	$8,500 	$0
3 	STAFFORD SUBSIDIZED 	$5,500 	06/09/2005 	$5,500 	$0 	$3,731 	$0
4 	STAFFORD SUBSIDIZED 	$3,500 	06/09/2004 	$3,500 	$0 	$2,374 	$0
5 	FEDERAL PERKINS 	$4,175 	09/13/2003 	$4,175 	$0 	$2,836 	$0
6 	STAFFORD SUBSIDIZED 	$2,625 	06/13/2003 	$2,625 	$0 	$1,780 	$0
7 	STAFFORD SUBSIDIZED 	$2,625 	06/26/2002 	$2,625 	$0 	$1,780 	$0

Total  DIRECT STAFFORD SUBSIDIZED 	  	  	  	  	12,750 	$0
Total  STAFFORD SUBSIDIZED 	  	  	  	  	        $9,665 	$0
Total  FEDERAL PERKINS 	  	  	  	  	                $2,836 	$0
Total All Loans 	  	  	  	  	               $25,251 	$0

Joker fucked around with this message at 19:21 on Jan 3, 2012

* # ¿ Jan 3, 2012 19:10
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# ¿ May 16, 2024 05:11
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Joker
Aug 6, 2001

Wiggy Marie posted:

I would say the Income-Based Repayment plan might be your best bet, as it's a real repayment plan with lower payments so you won't be using any deferment/forbearance time to pause the payments. But it will depend on your income. You will have to wait until you've graduated and your loans enter repayment to really explore your options.

Congratulations, by the way! :)

Thanks! And thank you for making this thread! Wouldn't it be best to defer for as long as I could so I didn't pay anything then got for the Income-based repayment plan? Also I think I deferred for 6 months on my initial undergrad loans, can I defer these again? Is this the same as the "grace period" or am I getting the two confused? Is the income-based repayment plan based on dual income of my wife and I or just me? If I consolidate these loans will I still be able to use the federal loan repayment (through the National Health Service Corps)?

Joker fucked around with this message at 20:43 on Jan 3, 2012

* # ¿ Jan 3, 2012 20:35
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The Something Awful Forums > Discussion > Ask/Tell > Business, Finance, and Careers > Ask Me About Student Loans!