I am on the income based repayment plan with my student loan. My current payment is $0. I know that naca can’t take the amount at $0 you have to have a plan that shows you’re paying something even if it’s $5. Well, I have tried to redo my plan to show I’m paying something. I submitted my paperwork and they told me it would remain the same because based on my family size my income falls below poverty level therefore it’s $0. Is there anything I can do, I tried calling my counselor but it’s been almost a week and no call back.
You are actually mis-interpreting the rules for the IBR a bit. You are correct that a zero payment is not acceptable. However, “you have to have a plan that shows you’re paying something even if it’s $5” is not correct. You have to have a letter from the servicer stating what your payment will be after you are no longer in deferment.
In your case, that could still be a sticky situation though. Since zero is actually your IBR payment amount, the only other alternative would be the “standard” payment amount, which would be almost certainly impractical as it would likely decimate your affordability.
I hate to say it, but this may create a delay for you until you can raise your income sufficiently to at least make that $5 payment.
Keep reaching out to your counselor. However, do it by email. As I’ve noted here before, telephone is probably the least effective way possible to try and contact your counselor.
Email your counselor, and if you don’t have a response by the end of the day Monday, email me directly and I’ll see what I can do to help.