I've just recently consolidated a very delinquent student loan using the William D. Ford Loan Consolidation Program. I was told to use the income contingent based debt repayment plan however, after just receiving my payment schedule the payments are on the high side, and feel that they are more than I can afford at the moment (they are about twice as much as I anticipated paying). I am only working part-time at a low wage job and have normal living expenses.
What I was wondering is, can I change this to an income BASED loan repayment rather than the income contingent program to lower the monthly payments for now?
One thing I must be clear about is that I wish to return to school in Fall 2013 to finish my undergraduate degree which I have yet to finish, and I am going to have to do this with financial aid. I entered into the consolidation program to make myself once again eligible for financial aid so naturally, I don't want to do anything to jeapordize eligibilty for financial aid.
If I were to apply for the income based vs. the income contingent program would I still be eligible?
Thanks so much for any info you might provide.
[URL="http://www.financialaidforum.com/discussions/member83779.html"]Dram[/URL]NewPosts: 1Joined: Mon Jul 30, 2012 2:51 pm[URL="http://www.financialaidforum.com/discussions/loan-consolidation/income-contingent-repayment-t6763.html#wrap"][/URL]
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