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Income-based repayment program for federal student loans

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Hudson_Hawk

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Has anyone enrolled in this program? I''m considering it as I''m working for a non-profit and in order to qualify to have my loans forgiven after 10 years I have to consolidate my loans with the Direct organization (Dept of Ed.). Apparently I qualify for the IRB program and I''m interested in hearing about other people''s experience.
 
I had to start repaying my student loans just over a year ago, but since I borrowed from the same lender they were all automatically consolidated, except one which was through Direct Loans with the Dept of Education. I don''t know where you''re located but definitely check the rates between your state or federal student loan repayment programs if you try to consolidate. I''m in Missouri and we have the Missouri Higher Education Loan Authority and their rates are very competitive and much lower than the Department of Education''s rates (I believe my rates were just over 6% for Direct Loans and my MOHELA loans are around 2.5%, rates have been going down too b/c of the economy).

I don''t know any specifics on loan forgiveness programs since I''m not in a profession that qualifies but depending on the total amounts I''d try to look at the long term costs of keeping the loans and paying interest for 10 years before they''re forgiven vs. trying to pay them off early and paying less interest over the life of the loans.
 
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