Paying back loans during clerkship Forum
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Anonymous Posting
Anonymous posting is only appropriate when you are sharing sensitive information about clerkship applications and clerkship hiring. You may anonymously respond on topic to these threads. Unacceptable uses include: harassing another user, joking around, testing the feature, or other things that are more appropriate in the lounge.
Failure to follow these rules will get you outed, warned, or banned."
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lightsandbuzz
- Posts: 32
- Joined: Fri Dec 17, 2010 4:47 pm
Paying back loans during clerkship
I will begin a bankruptcy clerkship at the end of next month, and I was wondering how other federal clerks have dealt with loans (e.g., IBR, PAYE, etc.) during their clerkship. I am single and owe over $180k (it hurts me to even type that), so I'm just wondering what the best option would be.
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A. Nony Mouse
- Posts: 29293
- Joined: Tue Sep 25, 2012 11:51 am
Re: Paying back loans during clerkship
IBR (or PAYE if you're eligible).
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Citizen Genet
- Posts: 521
- Joined: Wed Jun 29, 2011 10:03 am
Re: Paying back loans during clerkship
And, FYI, a lot more people will be eligible for PAYE since Obama executive action changed it so you're not barred if you have any loans from pre-2007.A. Nony Mouse wrote:IBR (or PAYE if you're eligible).
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Anonymous User
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Re: Paying back loans during clerkship
How does the calculus change depending on whether you're going to a firm after or not?
I have an offer to go back to my summer firm, but am probably going to apply for DOJ honors after. obviously you lose the bonus but does that then make it smarter to enter one of these plans based on having a lower income than firm pay?
I have an offer to go back to my summer firm, but am probably going to apply for DOJ honors after. obviously you lose the bonus but does that then make it smarter to enter one of these plans based on having a lower income than firm pay?
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sambeber
- Posts: 256
- Joined: Fri Jan 14, 2011 7:05 pm
Re: Paying back loans during clerkship
When will this go into effect?Citizen Genet wrote:And, FYI, a lot more people will be eligible for PAYE since Obama executive action changed it so you're not barred if you have any loans from pre-2007.A. Nony Mouse wrote:IBR (or PAYE if you're eligible).
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arkhamhorror
- Posts: 108
- Joined: Thu Dec 12, 2013 5:47 pm
Re: Paying back loans during clerkship
I'm doing a two-year d.ct. clerkship now and a year of CoA after, and have about 130k in loans. Right now the plan is to return to the firm I summered at.
I'm doing the graduated repayment plan, which is ten years of repayment, with the amount increasing every two years. It'll be a lot per month during years 6-10, but I figure by that time I'll be in biglaw and can absorb the blow. Plus, in your second and third years of clerking (if you were looking at doing any more) the JS increase is pretty helpful.
I'm doing the graduated repayment plan, which is ten years of repayment, with the amount increasing every two years. It'll be a lot per month during years 6-10, but I figure by that time I'll be in biglaw and can absorb the blow. Plus, in your second and third years of clerking (if you were looking at doing any more) the JS increase is pretty helpful.
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emciosn
- Posts: 386
- Joined: Thu Apr 02, 2009 3:53 pm
Re: Paying back loans during clerkship
I am currently doing a BK clerkship with about the same amount of debt as OP. I am enrolled in IBR (not eligible for PAYE...yet) and just pay the interest on my loans every month so that I am not losing ground. The interest payment is actually more than my IBR payment would be.
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emciosn
- Posts: 386
- Joined: Thu Apr 02, 2009 3:53 pm
Re: Paying back loans during clerkship
Also I'm pretty sure the PAYE executive order goes in to effect December 2015 but someone can correct me if I am wrong.
