Standard loan repayment

[microshar88]

Hi,
I'm a graduating MS4, who did not match. I was wondering if I were to do the standard loan repayment for the next year, could I just do $50 per month which is the minimum since I won't be eligible to do IBR? . I am hoping I will have better luck next year, but can't be positive.

thanks

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[sazerac]

Why won't you be eligible for IBR?

How could your standard 10 year repayment plan be $50 a month? Do you only have $6,000 in loans at 0% interest or something?

I am confused.

 

[RangerBob]

I'm also confused--I think everyone is eligible for IBR (I thought the only exclusion criteria might be if you are in default, but I could be wrong)... And as sazerac mentions, your standard 10-year repayment would only be $50 if you have one very small loan.

Also, if you don't have a job, you can just ask for an economic hardship forbearance. I believe you get up to three years of that now for federal loans. But you should be eligible for IBR unless there's an exclusion we don't know about, and you would get $0 monthly payments with IBR if you don't have a job when you start repayment (and those $0 payments count towards eventual loan forgiveness, in the event it sticks around/financially makes sense)