Stringer6 wrote:My husband has nearly $250k in student loan debt, all but $3k of which are government loans. A big benefit of government loans is that you can pay them off using IBR (http://www.ibrinfo.org/). His government loan payments are roughly $500/month based on his salary of roughly $50k/year (typical first year resident salary), and we file separately so my income isn't taken into account. If he makes all payments on time for 25 years, any remaining balance is forgiven. If he works for a non-profit, he qualifies for PSLF and his remaining SL debt is forgiven after only 10 years.
thanks for the info. i feel like i hear something new(ish) about this every day.
It's a really new program. My husband's medical school class (2010) is the first that isn't able to take advantage of a 3 year no-interest-accruing-deferral during residency, so IBR is kind of a life saver. I don't even want to think about what his monthly payments would be without it. We'd have to go into forbearance, but then the interest after his 5 year residency would be insane (it'll still be insane with IBR, but at least a little less so...).