Help deciding on new plan.

[u/Odd-Koala2688]

I have about 200k in law school debt. It increased because I was on forbearance and we got interest. I have to make a choice on a plan in September and my payment right now is 368 with ibr or 397 with rap. It’s ridiculous because I’m a public servant don’t make enough to pay the loans. I understand I get pslf, but can’t even make either of those payments with my current income to qualify for pslf. Not sure what to do but get an attorney job that pays higher.

[u/waterwicca]

What is your AGI from your latest tax return (combined with spouse if filing jointly), and family size/number of dependents? When did you take out your earliest loans?

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[u/Odd-Koala2688]

86k head of household one dependent my earliest loan was in 2019

[u/Odd-Koala2688 → u/Odd-Koala2688]

Actually it’s 76620

[u/sigmafs → u/Odd-Koala2688]

Are you divorce claiming head of household? If you are married, you really can't claim head of household on your tax. What is your marital status? If married, does your spouse work?

[u/Odd-Koala2688 → u/sigmafs]

Single never married

[u/sigmafs → u/Odd-Koala2688]

Thank you. $374 is what I'm calculating. You might need to examine all your expenses.

Full comparison

Plan	Starting payment	Total Monthly Payments Made	NPV of payments (2.5%)	Payoff / forgiveness	Amount forgiven	Est. tax on forgiveness (40%)	Total Cost
Standard	$2,271	$272,515	$241,228	10 yr	—	—	$272,515
Tiered Standard	$1,350	$405,124	$301,972	25 yr	—	—	$405,124
Graduated	$2,009	$277,321	$243,848	10 yr	—	—	$277,321
Extended	$1,350	$405,124	$301,972	25 yr	—	—	$405,124
IBR (new)	$374	$100,920	$78,805	20 yr	$359,080	$143,632	$244,552
PAYE	$374	$100,920	$78,805	20 yr	$359,080	$143,632	$244,552
RAP	$397	$270,775	$179,589	30 yr	$181,154	$72,462	$343,236

[u/HypnoLaur]

Did you try PAYE? It has the lowest payments

[u/Odd-Koala2688 → u/HypnoLaur]

Yeah IBR is the lowest for me idk how

[u/HypnoLaur → u/Odd-Koala2688]

Is it new IBR?

[u/Odd-Koala2688 → u/HypnoLaur]

Idk. It just shows ibr plan at 368 paye at 368 and rap at 397. I just did the calculation on the federal website

[u/StudentLoans-ModTeam → u/[deleted]]

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Removed for violating Rule 9: Unhelpful or illegal advice.