If all of my loans would qualify for forgiveness and Income Based Repayment under the College Cost Reduction and Access Act, would it even be a question as to whether or not to go to Wash U?
Thatís a big if, and I think its only fed loans that qualify, and as far as I know the most fed you can get a year is 21.5 k.
QuoteThatís a big if, and I think its only fed loans that qualify, and as far as I know the most fed you can get a year is 21.5 k. Where are you getting this $21.5k limitation from? Is the OP ineligible for GradPLUS loans for some reason? I don't see why the OP can't fund his education entirely with federal loans, thus qualifying for the IBR plan.
What is a "primary"federal loan? I haven't seen that term used to classify a federal educational loan before. Parent PLUS loans are not eligible for the IBR program (nor are they available for graduate students, so its sort of a moot point in the circumstances here) - is this what you are thinking of? All Stafford and GradPLUS loans qualify for the IBR program*. Only loans made through the Direct lending program (as opposed to FFELP lenders) qualify for the federal LRAP program, however. It's an easy matter to consolidate your FFELP federal loans into a Direct loan after graduation, but it does sort of complicate things when trying to figure out what loans are eligible. * Perkins loans likely qualify too, but this is not always the case.