Tagged: Student loans
April 26, 2015 at 8:09 pm #14986
Does anyone have any experience working with NACA when one person has student loans from medical school? My husband is about to graduate medical school so we have substantial student loans. We are planning on deferring them during residency. I have stable income that we are currently able to live on. He is scheduled to start residency will being receiving a paycheck on July 1. Do you know if NACA will consider in their calculations?
Any help/feedback about this is greatly appreciated!April 26, 2015 at 9:23 pm #14988kmjatlParticipant
I have student loans, and I was placed in the Extended Graduated Repayment Plan (payment goes up every 24 months) by my servicer when they finally put me in repayment status after a Chapter 13 BK. (in other words I had no choice as to what plan I would use). This was 6 months into the NACA program.
In my case, NACA takes the approach of “highest and longest”. This means they use the highest payment amount that you will have for the longest period of time. In my case, here in 2015 they use the payment amount I will have in 2028.
So in a nutshell, they will probably use your current debt level, plus the payment amount you will make sometime in the future, and count that as your monthly debt.April 27, 2015 at 12:11 pm #15007
Regardless of any deferment status, the student loans will have to be factored in to your budget. Since your situation sounds rather complicated, I won’t even take a guess at exactly how it will be calculated and will leave that in the hands of your MC.
Also once your husband has received 30 days of paychecks, those should be factored in as well. Obviously these will affect your affordability, so be ready to be patient (no pun intended) as you circumstances are obviously going to change while you are in the process.
Online Operations, NACA
April 27, 2015 at 1:01 pm #15015
- This reply was modified 6 years, 7 months ago by TTrumble.
Hi Tim –
Thanks for the information. We will be discussing it with our MC. One other question. Is there a way I can edit my income in the budget section? It looks like they are figuring my income for only 2 weeks rather than the full month so my budget is showing we are in the red.
Thank you!April 27, 2015 at 1:21 pm #15016ontheroadagainParticipant
detwoodbridge, I had trouble during my process editing my budget online. I had to get my MC to do it.April 27, 2015 at 1:46 pm #15027
Your counselor will have to make the changes. This restriction exists to prevent members from “manipulating” their file.
Online Operations, NACA
email@example.comApril 27, 2015 at 7:55 pm #15038
Hi Tim – thank you for responding to all my questions. Your responses have been very helpful!April 28, 2015 at 9:44 am #15047
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