new student loan repayment plan

This information will be helpful to everyone who is poor with lots of student loans and no income... Steve and Libby brought this to my attention. Thanks, guys.

There is a new repayment plan available for your direct loans. The Income Based Repayment Plan. The name itself sounds tasty, doesn't it? It caps your monthly payment. At what amount?

Calculate it like this:

your maximum payment per month is 15% percent of:
Adjusted Gross Income (Taxable Money) minus 150% of poverty line (10,830)*1.5=16,245. lets round to 16,000 :-)


for instance:

my taxable income was zero
zero - 16,000 = less than zero
15% of less than zero....
i don't have to pay student loans

in fact, to pay any student loans, you have to have paid taxes on at least $16,000. Which means your income was at least $26,500 (your first 8500 aren't taxable) .

and GET THIS

after 25 years of qualifying repayment, any remaining balance on the loan will be forgiven.

So, Ally, Steve, Self.... might as well get keep going. Maybe get that doctorate. $100,000 of student loans at $0 per month forgiven after 25 years isn't looking so bad

https://www.dl.ed.gov/borrower/QCNews.do