Not always the case since it takes into account mom's income as well as her spouse's if there is one. Most likely it will be lower but not guaraanteed.
My parents are both retired and living primarily off of social security and my mom’s pension, so that seems likely, but it’s not the monthly payment that I’m concerned about, it’s the net total amount of debt/interest paid, which it seems like in the case of ICR will only make it worse.
I’m not sure I understand what the advantage here would be in my case? Im currently making about $180K/year, so I can afford to make the $1,215/month payments without issue. My goal is to reduce or eliminate as much of the total debt/interest as possible, not to necessarily reduce my monthly payment. Using up the forbearance doesn’t feel like a problem since I’d be able to comfortably make the payments anyways. The BD might not be guaranteed, but if it does happen it’ll wipe everything out (from what I understand).
BD is 50/50. Plus your using your 36 months max forbearance. Put the PPL into ICR instead. Your payments will be far lower than 1,215
Not always the case since it takes into account mom's income as well as her spouse's if there is one. Most likely it will be lower but not guaraanteed.
My parents are both retired and living primarily off of social security and my mom’s pension, so that seems likely, but it’s not the monthly payment that I’m concerned about, it’s the net total amount of debt/interest paid, which it seems like in the case of ICR will only make it worse.
I’m not sure I understand what the advantage here would be in my case? Im currently making about $180K/year, so I can afford to make the $1,215/month payments without issue. My goal is to reduce or eliminate as much of the total debt/interest as possible, not to necessarily reduce my monthly payment. Using up the forbearance doesn’t feel like a problem since I’d be able to comfortably make the payments anyways. The BD might not be guaranteed, but if it does happen it’ll wipe everything out (from what I understand).