Indigent retiree with student loans
This should be simple but I can’t figure it out. I’m retired and my social security puts me below the poverty line (less than 12k a year). I live in subsidized government housing (in a VERY nice neighborhood) and will NEVER move. I don’t care about anything but how little I have to pay out of my meager benefits because my loans will NEVER be paid off. I don’t qualify for forgiveness under anything. WHAT PLAN should I choose and do I have to do it by next week?
Terry Says
These are your own loans, not parent plus loans? If you are living at or near the poverty level, you can qualify for federal student loan payments as low as $0/month through Income-Driven Repayment (IDR) Plans. Making these low—or zero—dollar payments for 10 to 25 years will eventually lead to the forgiveness of any remaining balance.
Go online to StudentAid.gov, using your loan number. You apply online. There’s a good chance your monthly payment will be reduced to zero!
