Income Contingent Repayment and Undergrad Loans Forum

[Rory19]

My undergraduate loans are currently in income-contingent repayment at $0 a month. Should I even bother applying for deferment when school starts in the fall? Anyone want to hash out the pros and cons of ICR vs. Deferment while in law school?

[redecember]

Bump.

Curious as well.

[arkgawilson]

Bump.

Curious as well.

I talked to my servicer about this as I was at a non profit and was going to try to do public service loan forgiveness because I owe about a million dollars to my doc program...well, not a million, but a lot. Anyways, what my servicer told me is that the law school will report you as in school status about every 2 months (or month) depending on when the school reports, and this would send your loans (regardless of whether they are in repayment at 0/month) back into school status, and will actually mess up any consecutive payments (like if you are trying to get 120 in a row). So basically I was told to enjoy in school status....

[A. Nony Mouse]

Keep in mind that for PSLF, your payments don't need to be consecutive - you just need to make 120 of them. So in school status doesn't start you over again or anything (for pre-LS loans). Granted, no, you won't get that sweet $0/mo. income-based payment, which is a shame.