Home |Student Loan | Should I consider speaking with a supervisor or exploring other options to lower the monthly payments for my $25k NELNET loan and my own loan to make them more manageable?

Should I consider speaking with a supervisor or exploring other options to lower the monthly payments for my $25k NELNET loan and my own loan to make them more manageable?

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Abbey Johnson, Helping with Student Loan Documentation
Answered on September 27,2023

Different loans qualify for different repayment plans. So first—the loan is not yours. Doesn’t matter how you see it, they gave that loan to your mother and so look to her to pay it. I mention this because any discussion of salary would be hers, not yours.

In order to get an IDR plan (payment based on income) your mother would have to consolidate. Parent Plus loans do not qualify for any IDR plans unless they are consolidated. If they are consolidated, they qualify for ICR. It is one of the least generous calculations, and, again, would be based on your mother’s income. Or, if you follow the guidance for the double consolidation loophole, they can qualify for the other IDR plans.

In terms of fixed repayment, I believe extended repayment requires a balance of at least 30k (you can read about it above). If IDR is not better, consolidating and going on the consolidation standard might help. Instead of 10 years to repay it, it will be somewhere between 10 and 30 years as it is based on the balance.

Federal student loan repayment plan

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