Originally Posted by
ArcherDvr
Many people don't know that for your government loans you can get on an income based repayment plan, which at a 1st year FO wage you would not have to pay anything for the year, and after 20 years, the balance is forgiven.
Only government loans (not private lender). And only if you're below the poverty level 20 yrs later. Which is $11,670 for a family of one. $19790 for a family of three. I took my first loan in 1991. Yeah, they're still here. Like a roommate. A bad roommate.
Never took private lender loans which often have usury interest rates. As income has fluctuated over the years I was allowed to defer or use forbearance but the interest accrued. The private lender loans get people in trouble - fees, penalties, etc.