student loans and chap 13

[tomary]

Has anyone else had a student loan with Chap 13? We have about 1 year left. How long after we are discharged do I have before I have to start paying it back? I was not due to pay on it until after we filed.My account is listed as suspended. One more question--I checked the different payment options on the loan website, and for us the income contingent loan looked the best. I would pay far less interest with this than the other ways. About $5000 less than even the standard repayment plan. Is anyone familiar with this? Is there some catch somewhere?

Thanks for your help

[Melanie P.]

Hi!

 

I am currently in a BK13 (filed 3/03) and I called the SL company. I was told that my account was in a 'hold status' and that 30-60 days post BK13 DC (I expect around 3/07), they would be sending me re-payment information. I had my SL consolidated in 1/03 prior to BK as well. Prior to BK 13 filing, I was in a SL deferral status and all TLs (all 4 pages of them :-( ) were/are reporting as paid, agreed or NR (not rated) or too young to rate. I have and still continue to collect all tax refunds amounts (no garnishments).

 

I selected graduated/modified re-payments and the only difference is that you may more interest b/c they extend the time of the loan. For example, regular payment ~ 10 years, altered payments schedule ~ 20-25 years repayment.

 

Income sensative payments? I am not sure, but I think those require more interest as well. I guess it depends upon how much you owe. For me, those didn't offer much savings.

 

Take Care,

 

 

Edited September 13, 2006 by Melanie P.