Managing Student Debt. Heather Jarvis, Presenter
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1 Managing Student Debt Heather Jarvis, Presenter
2 Today s Agenda Income-Based Repayment Overview Public Service Loan Forgiveness Overview Special issues for married borrowers Which Loans are Which and Why It Matters Tax issues Public Service Loan Forgiveness Eligible Loans Qualifying employment Qualifying payments Hypothetical examples Other LRAPs
3 What You Can Expect to Take Away You ll know: how to determine how much you stand to benefit the requirements of the programs what steps you need to take to qualify You ll also know: what s still being worked out and where to go for more information.
4 If I Say It, I Post It
5 College Cost Reduction and Access Act
6 What is Income-Based Repayment? Not your mother s repayment plan
7 IBR Monthly Payment Amount Annual Income Family Size $10,000 $0 $0 $0 $0 $0 $0 $0 $15,000 $0 $0 $0 $0 $0 $0 $0 $20,000 $47 $0 $0 $0 $0 $0 $0 $25,000 $109 $39 $0 $0 $0 $0 $0 $30,000 $172 $102 $32 $0 $0 $0 $0 $35,000 $234 $164 $94 $24 $0 $0 $0 $40,000 $297 $227 $157 $87 $16 $0 $0 $45,000 $359 $289 $219 $149 $79 $9 $0 $50,000 $422 $352 $282 $212 $141 $71 $1 $55,000 $484 $414 $344 $274 $204 $134 $64 $60,000 $547 $477 $407 $337 $266 $196 $126 $65,000 $609 $539 $469 $399 $329 $259 $189 $70,000 $672 $602 $532 $462 $391 $321 $251
8
9
10 Career Civil Legal Assistance Lawyer $100,000 Eligible Debt!"# $ %&' (&( ) % $% ( (&( ) %$( * (&( ) $'& % (&( ) * *$% (&( ) ( ($' (&( ) ' '$'(% ** (&( ) ) &$&* (* (&( ) & *$(' '( (&( ) *%$& )' (&( ) +, --- (&(. $)&. $(&( /0 %$*) %*$*&)
11 Who can choose IBR? High debt relative to income
12 Who Has a Partial Financial Hardship? Debt AGI $10,000 $25,451 $15,000 $30,055 $20,000 $34,658 $25,000 $39,261 $30,000 $43,864 $35,000 $48,467 $40,000 $53,071 $45,000 $57,674 $50,000 $62,277 $55,000 $66,880 $60,000 $71,484 Debt AGI $65,000 $76,087 $70,000 $80,690 $75,000 $85,293 $80,000 $89,896 $85,000 $94,500 $90,000 $99,103 $95,000 $103,706 $100,000 $108,309 $105,000 $112,912 $110,000 $117,516 $115,000 $122,119 $120,000 $126,722 Source: Jeff Hanson, Ph.D., Director of Borrower Education, Access Group, Inc. Assumptions: Interest rate = 6.8%; 2009 Poverty Guidelines; Household size of 1 residing in 48 contiguous states
13 Simplified Adjusted Gross Income Wages plus» Interest income» Alimony received and minus» Alimony paid» Student loan interest deduction» Deduction for IRA contribution
14 Married Filing Jointly
15 Married Filing Separately
16 Disadvantages to Filing Separately Higher tax rate Loss of certain credits and adjustments: child and dependent care credit adoption expense credit Hope and Lifetime Learning credit; and deduction for qualified educational loan interest
17 Treatment of Joint Filers to Improve Starting in July 2010, both spouses'federal loan debts as well as their joint income will be considered when calculating IBR payments.
18
19 Eligible Loans Know Your Loans
20
21 Commercial and Alternative Student Loans Are Never Eligible
22
23 Eligible Loans for Income-Based Repayment FFEL and Federal Direct Loans
24 Eligible Loans for Public Service Loan Forgiveness ONLY FEDERAL DIRECT
25 FFEL Loans Must Be Consolidated Into Federal Direct
26
27 Find Out What Kind of Student Loans You Have National Student Loan Data System:
28
29 Which loans are not eligible? Loans that are currently in default Parent PLUS Loans Consolidation loans that repaid a parent PLUS Loan Alternative or commercial student loans
30 What about loan forgiveness? IBR will forgive remaining debt, if any, after 25 years of qualifying payments. If you work in public service, you could earn forgiveness after 10 years of qualifying payments.
31 What About Taxes on Loan Forgiveness?
32 Public Service Loan Forgiveness
33
34 Public Service Loan Forgiveness The balance of principal and interest on eligible Federal Direct Loans is canceled by the federal government after: 120 qualifying loan payments while working full-time in a qualifying public service position after October 1, 2007.
35 Qualifying Employment
36
37 What Counts as a Government Job? Government employment includes work for: local, State, Federal, and Tribal governments government organizations, agencies, and entities but not service as a member of the U.S. Congress
38 Qualifying Employment Full-time, paid work
39 Definition of Full-Time Working in qualifying employment in one or more jobs for the greater of An annual average of at least 30 hours per week, or For a contractual or employment period of at least 8 months, an average of 30 hours per week; or Unless the qualifying employment is with two or more employers, the number of hours the employer considers full-time.
40 Qualifying Payments Income-Based Repayment
41 jsp?pdf=othf_intgr_ibr8_pack.pdf
42 Non-Qualifying Payments Any term of years longer than 10-years
43 What payments don t count toward the 120 payments required for Public Service Loan Forgiveness? Payments made on the wrong repayment plan Payments made while in the wrong kind of job Payments made on the wrong kind of loans Late payments (more than 15 days)
44
45 Recorded Webinars, Podcasts & Checklists Online
46 Get More Answers on the Student Debt Relief Forum
47
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Page 1 of 12 2019 LRAP Application Instructions 2019 LRAP Application Instructions Thank you for your interest in the DC Bar Foundation's loan repayment assistance program (LRAP). Please note your username
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