r/StudentLoans

11h ago

u/No-Programmer-733

Smart People of Reddit, I need advice on switching from SAVE

Advice

Like many others, I am on SAVE and I got my 30 day warning on October 1st. Yes, I have procrastinated. I guess I'm not interested in riding the uncertainty out and just want to go on a new plan and be done with the scare tactics. I have a lot of options and am curious what you, as a smarter person than I, would do? (aside from time travel and never take out loans in the first place)

my loan size is $42,627.63 ($5,901.47 of that is interest)

Option 1: IBR, $0/mo, discharge amount: $72,053, end of term: 2041

Hypothetically, if I made the same forever, I'd pay $0 forever (not likely)

Option 2: Repayment Assistance Plan, $15/mo, discharge amount: $33,483, end of term: 2046

Hypothetically I would pay $10,211 in interest when the term ends

Option 3: Graduated Repayment Plan, $286-$381/mo (it gradually increases), total paid over life of the loan: $55,979 (of which $13,425 is interest), end of…