What is my best way to go?

[tomary]

Ok lets try this again my first post went off into hyperspace I guess. Anyways, my dh and I are going to be discharged from CH 13 in Oct. My sl is supposed to begin repayment in Dec. It is currently listed as in suspended status. These are the figures I get when I use the repayment estimator at the direct loans page:

 

Standard 7.27% for 120 months payment of $253 interest paid $15700

 

Extended 7.27% for 180 months payment of $203 interest paid $20500

 

Graduated 7.27% for 180 months payment of $198 interest paid $20700

 

Income Contingent based on dh's pay of $38000 (I'm a well educated housewife.)

7.27% for 180 months payment of $149 interest paid $8800

 

 

OK so the ICR payments would be best for me right? Even though its 5 years longer than the standard plan there is significantly less interest. Since we file taxes together his income will count for me right? Because I wouldn't have any without him. I want to pay the least possible right now since we plan on getting a new house in spring.

One more question, could I pay extra when I had it on the ICR plan? There wouldn't be any problem with them wanting to know where the extra money comes from would there?

These loans have never been consolidated unless the CH13 affected them somehow. How do I know if that's helpful? I graduated in Aug of 2000 and there were deferred until we filed so they have never been paid on.

 

Thanks for all your help!

Mary

[Cynic]

Income-contingent repayment requires a 25 year term; 300 payments. Total amount repaid if the payments were always 149 would be $44,700.

 

On the standard plan the total repaid would be $30,360.

 

You can always pay more then what's due, or pay off the loan early with no penalty.

[tomary]

The calculator at the direct loans website says the maximum repayment period is 25 years, so does that mean it is not nesscessarily 25 years. It lists 180 months for a total amount repaid of $24917. Would there be some reason it was not coming up right?

 

And I am assuming the calculator has taken into account all the interest that has been capitalized? right?

 

Thanks

Mary