please shoot down my PAYE dreams...unless they're realistic!

Discuss various money matters here. Loans (federal and private), scholarships, lottery winnings, or other school finance related information and queries.
0heL
Posts: 66
Joined: Fri Jul 27, 2012 5:01 pm

please shoot down my PAYE dreams...unless they're realistic!

Postby 0heL » Tue Feb 18, 2014 11:19 am

Quick PAYE questions:

I graduated high school in May 2007. I started undergrad in Fall 2007, and partially funded my undergrad with loans from Citibank. I still have to pay back about 12k.

Since these are private loans I qualify for PAYE, right?

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patogordo
Posts: 4827
Joined: Tue Jan 14, 2014 3:33 am

Re: please shoot down my PAYE dreams...unless they're realistic!

Postby patogordo » Tue Feb 18, 2014 11:28 am

sounds right. as long as they aren't FFEL

0heL
Posts: 66
Joined: Fri Jul 27, 2012 5:01 pm

Re: please shoot down my PAYE dreams...unless they're realistic!

Postby 0heL » Tue Feb 18, 2014 12:18 pm

Cool.

But wait - if I didnt qualify for federal loans for undergrad because of my parent's income (hence the private loans), doesn't that mean I wont qualify for PAYE now?

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patogordo
Posts: 4827
Joined: Tue Jan 14, 2014 3:33 am

Re: please shoot down my PAYE dreams...unless they're realistic!

Postby patogordo » Tue Feb 18, 2014 12:23 pm

parents income doesn't matter for PAYE. all that matters is that the difference between your monthly paycheck and 1.5x the poverty line is smaller than your 10 year repayment plan payment. Google "PAYE fact sheet" it's pretty useful




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