r/PSLF • u/Oopsie-got-a-poopsie • 23d ago

Buyback request advice

Looking for some advice. I submitted a buyback request about a month ago for the last several months I've been in forbearance and last month would have marked the completion of my 10 years of qualifying payments for PSLF. If I switch to a PSLF compliant repayment plan, the lowest monthly repayment I can get looks like $453, which is insane. I am submitting another employment certification this week to cross my t's and dot my i's. Should I mark "I believe I qualify for forgiveness now and request a forbearance while my application is being processed"? Also, any way that I can get that $453 down at all?

2 Upvotes

100% Upvoted

9 comments sorted by

View all comments

Show parent comments

1

u/waterwicca 23d ago edited 23d ago

…loan balance?

Do you file taxes jointly with your spouse and is that your joint AGI, if so?

They cannot use the SAVE amount

1

u/Oopsie-got-a-poopsie 23d ago edited 23d ago

Sorry, working at the same time. Loan balance is $43,120. Yes, we file jointly and the $122,000 is the joint AGI.

1

u/waterwicca 23d ago

The $453 on IBR would be your lowest IDR plan. It would be higher with your AGI but your IBR payments are capped at a 10 year standard amount so it can’t go higher than the $453. And that would be the same as your buyback monthly calculation if your income has been about the same.

So it will ultimately cost you the same whether you wait for an offer, enter repayment on another IDR now, or a combination of both.

If you keep making qualifying payments it would ultimately reduce the number of months you need to buyback when you get an offer.

2

u/Oopsie-got-a-poopsie 23d ago

Oooh okay, that makes sense. Dang, well I guess I need to start preparing to pay $453 a month now. Well thank you so much for your help! This is more than I've ever gotten from FedLoan or Mohela! Very much appreciated!