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0 pointsClubber8y ago0 comments

I don't believe they are cancelled ever. There is a special condition that if you work for the federal government for 20 years, they can be cancelled after 20 years if they aren't paid off, but AFAIK, that's it, and you have to attempt to pay them off during those 20 years.

If there is a new exception, please let me know. My wife has some.

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learc838y ago· 2 in thread

If you opt into the income based repayment plan they are cancelled after 20 years of payments. I'm not sure how they retroactively count payments made under old repayment plans if you switch now.

austenallred8y ago

I can't believe we're acting like taking 10% of disposable income for 20 years is a good deal

learc838y ago

It's not 10% of your disposable income for 20 years. It's capped at 10% of your disposable income for 20 years.

It's designed as a safety net for people who can't find a decent job after taking out student loans.

If you get a high paying job you're not going to qualify for the income based repayment plan because you only qualify for the newer income based repayment plans if it will lower your monthly payments below the standard repayment plan.

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