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IBR and Public Service Forgiveness
Posted: Tue Mar 08, 2011 9:57 pm
by atlantisdan
One of my top 3 law school choices is a private school. I plan to pursue a public service career and understand that the gvmt currantly offers a loan forgiveness program after 10 years of service.
I also understand that under Income Based Repayment(IBR) that monthly payments can be adjusted by ability to pay.
My question is, are these options sustainable? Will they still be in effect after I graduate or will they be casualties of government budget cuts?
Re: IBR and Public Service Forgiveness
Posted: Wed Mar 09, 2011 3:06 pm
by sarahh
atlantisdan wrote:One of my top 3 law school choices is a private school. I plan to pursue a public service career and understand that the gvmt currantly offers a loan forgiveness program after 10 years of service.
I also understand that under Income Based Repayment(IBR) that monthly payments can be adjusted by ability to pay.
My question is, are these options sustainable? Will they still be in effect after I graduate or will they be casualties of government budget cuts?
No one knows for sure.
Re: IBR and Public Service Forgiveness
Posted: Thu Mar 10, 2011 12:31 am
by atlantisdan
That's about what I was figuring...I'm just gonna go where my heart leads me and hope the programs stand...
Thanks for the response
Re: IBR and Public Service Forgiveness
Posted: Thu Mar 10, 2011 12:40 am
by rman1201
If it is cut you'd probably be grandfathered in.
Re: IBR and Public Service Forgiveness
Posted: Thu Mar 10, 2011 12:52 am
by atlantisdan
That's what I'm hoping for...just hoping the Repub's don't do it in the next couple months...next years budget is fine, Ill be in.
Re: IBR and Public Service Forgiveness
Posted: Thu Mar 10, 2011 12:59 am
by Anonymous Loser
Since this topic comes up so often, I'll simply quote my response from previous threads on this issue:
Anonymous Loser wrote:The IBR program was voted in under a Republican administration with broad bipartisan support. It's hard to imagine a situation where cutting the program--particularly as it relates to public interest positions--is going to be politically viable. Teachers, law enforcement officers, health-care professionals and many other similarly situated individuals benefit from the program, which represents only a minute fraction of the federal budget. Moreover, the IBR program was funded by eliminating subsidies to private lenders participating in the FFEL lending program. Overall, in light of the fact that there are so many more programs that could be cut while yielding greater savings with less political fallout, it seems unlikely that the IBR program will become a target.
Re: IBR and Public Service Forgiveness
Posted: Thu Mar 10, 2011 1:15 am
by atlantisdan
I think you're correct. I made a lesser conclusion earlier tonight. I'm down to my final 2 schools, waiting on my #1 to accept, if it doesn't, My #2 is a solid private school. This has been my only reservation.
Thanks
Re: IBR and Public Service Forgiveness
Posted: Thu Mar 10, 2011 8:02 pm
by skitlets
Does IBR and public service loan forgiveness apply to undergrad loans?
I'm applying this fall for law school but my undergrad loans are already in effect. I can pay them off but I was wondering if it'd be worth my while to defer once I'm enrolled and then use the IBR PSLF combo to tackle them. Any help?
Re: IBR and Public Service Forgiveness
Posted: Thu Mar 10, 2011 8:03 pm
by fatduck
skitlets wrote:Does IBR and public service loan forgiveness apply to undergrad loans?
I'm applying this fall for law school but my undergrad loans are already in effect. I can pay them off but I was wondering if it'd be worth my while to defer once I'm enrolled and then use the IBR PSLF combo to tackle them. Any help?
As long as they are federal loans, yes.