Student Loan Groans

I was recently on the phone with my student loan lender getting my loans placed back into deferment.

After having children, my priorities changed, and I decided to stay at home with our children.

Unfortunately, the lovely debt I racked up while earning my degree didn't get the memo that I was now a stay-at-home Mom and not making an income.

My husband had heard about Income Based Repayment Plans and applied to see if he qualified. From my understanding, IBRP means you pay what you can on your loans and after 25 years (25 years!) the loans will be discharged.

My husband was very happy with the amount they told him to pay. It was very manageable with our income.

I tentatively asked about IBRP and was under the impression that my husband's income would be factored in. However, it is based on MY income, which I've mentioned before is $0.

My income based repayment amount is $0. I CAN stay home with my kids without the guilt of those loans.

I was shocked!

Then I wished I had heard about this 8 years ago!! I would have 17 years left until discharge.