IBR vs. PAYE | What To Consider Before Choosing an Income Driven Repayment Plan

Описание: IBR v. PAYE... Student loans can be scary. Deciding how to choose the right plan can be overwhelming. I hope this video makes them a little less scary, and gives you more knowledge/leaves you feeling empowered in making a repayment decision moving forward!

✩ Related Content:
→ Should You Refinance Federal Loans With A Private Company?    • Should I Refinance My Federal Student Loan...  

😺 Check meowt on instagram:   / pelvicempowerment  

Table of Contents:
1. Intro - 0:00
2. How do I qualify for IBR & PAYE - 2:59
3. What's my monthly payment - 7:00
4. Which loans are eligible - 9:50
5. Loan forgiveness - 11:32
6. Are you going to qualify for all 20-25 years - 12:49
7. When will your interest get capitalized - 14:59
8. Why would you no longer demonstrate partial financial hardship - 15:34
8a. I'm not getting married - 15:52
8b. I might get married - 18:54
9. Considering capitalized interest - 22:20
10. How to pay loans safely if you will eventually no longer demonstrate partial financial hardship - 25:19
11. Closing words - 27:37

Definitions:
1. Partial Financial Hardship - the amount that you would owe annually on the Standard 10 year repayment plan is more than 15% of your “discretionary income.”
2. Discretionary Income - the amount of your adjusted gross income that exceeds 150% of the poverty line.
3. New Borrower - you did not owe any money on any federal student loan as of Oct. 1, 2007, and received a disbursement of a Direct Loan on or after Oct. 1, 2011
4. Direct Loans - direct subsidized loans, direct unsubsidized loans, direct PLUS loans, and direct consolidation loans
5. FFEL (Federal Family Education Loans) Program Loans - federal subsidized and unsubsidized Stafford loans, federal plus loans, federal consolidation loans, and federal supplemental loans for students
6. Capitalized Interest - the addition of unpaid interest to the principal balance of your loan
7. Debt to Income Ratio - total debt divided by income; typically, the max DTI for a conventional loan is 43%

♡ This video is not sponsored
» Business inquiries: contact[at]pelvicempowerment.com

🍑 Interested in supporting the channel? Thank you so much!
• Buy me a coffee: https://www.buymeacoffee.com/pelvicemp
• Donate: https://www.paypal.com/paypalme/pelvi...
• Check out my other services & offerings: https://www.pelvicempowerment.com/