It's not that simple
– parent loans are based on the parents' income, which makes income-based repayment useless
– loan servicers don't want you on income-based repayment, so if you ask them about it they're not helpful whatsoever
– they fuck up the paperwork CONSTANTLY, almost every year I have to apply for income based repayment 2-3 times because they lose the paperwork or make some asinine error
– no one is actively educating grads about the program because there's nothing to be gained from it
– if you get married your spousal income is factored into the payment, even if your spouse also has loans
It's not a one time simple thing and you're done situation. It's a pain in the ass and almost no one will help you figure it out.
This is an industry that thrives on the illiteracy the average American has in personal finance. I know multiple people who ruined their credit because they didn't know the unemployed get temporary loan deferments.
– parent loans are based on the parents' income, which makes income-based repayment useless
– loan servicers don't want you on income-based repayment, so if you ask them about it they're not helpful whatsoever
– they fuck up the paperwork CONSTANTLY, almost every year I have to apply for income based repayment 2-3 times because they lose the paperwork or make some asinine error
– no one is actively educating grads about the program because there's nothing to be gained from it
– if you get married your spousal income is factored into the payment, even if your spouse also has loans
It's not a one time simple thing and you're done situation. It's a pain in the ass and almost no one will help you figure it out.
This is an industry that thrives on the illiteracy the average American has in personal finance. I know multiple people who ruined their credit because they didn't know the unemployed get temporary loan deferments.