Skip to main content
No. of Recommendations: 0
First, I'm talking about DS (my son).

Second, DS received a statement from ACS that his IBR payment was zero. He was unemployed at the time. I just ran the calculator (he got a job and just finished his income tax). His new payment should be around $20.

Finally, based on my conversation with ACS (and a very confused-sounding interlocutor there), DS started with 6 credits or half time, then dropped one class.

So apparently the IBR went away when the in-school deferment was executed by the school (without DS's authorization--he paid cash for the class). When he dropped below half time, he got put on standard repayment. All grace periods had long since gone away.

So without warning, he was suddenly faced with $260/month of payment in his $10/hr job.

Apparently he needs to refile for IBR.

He's supposed to get a phone call from a supervisor at 10 AM today.
Print the post  


What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.