Student Loan Plan

After work today, we went to the grocery store and got the ingredients to make tacos. I had to cook for one day. Tomorrow we are going to dinner with my parents. Friday, he won’t be around. He is going to some video game convention. After we got groceries, we picked up some beer. We knew this phone call with Navient was going to call for some beer.

When we got home, I put the groceries away and we cracked open a can of beer. I grabbed a tablet and a pen. Drew fired up his computer, and I called Navient. I put the phone on speaker so Drew could ask his questions if need be. I told them that I think I am ready to finally repay my loans. The woman laughed and went over our options.

First, since we both work for the University of Pittsburgh, and I have federal loans, then I qualify for the loan forgiveness plan after 10 years, since I am a public employee. Great! We have two options an IBR (Income Based Repayment plan) or a Level Standard plan. However, with level standard plan we would be paying ourselves out of the student loan forgiveness program, so it is based to go with the IBR. When she calculated our income we were very happy with the amount we would be responsible for. We would have to make this payment for 10 years, then boom no more payments, but we would be taxed on what we were forgiven for, gotta love the government.

After our phone call with Navient, I had to call the Federal loan services department and make sure that we were in fact public employees. Drew confirmed with them, and went over the form while I made dinner. The plan was then for me to take the form to work and have Nancy sign off on it tomorrow.

Second, we had to go through studentloans.gov. and create a pin for me. I have to apply for a new IBR plan. I wrote the steps down how to do so, and what form to fill out. This could take a little while to process, so while we are going through this process. My loans are in a forbearance period, again (only until October). This will be more than enough time to get this processed and ready to be paid on. There are so many steps.  I am waiting on the government to approve my PIN before I can start the process for applying for a new IBR plan, that will allow us to pay the loans back at a certain amount for 10 years. As soon as I get the public loan form filled out. I will be able to send it away. I am so excited for these to get out of my life.

Overall Drew and I are happy with the way the phone call went with Navient and our payments are better, than he expected, so I was happy about all that. Dinner was yummy.

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