Reducing Student Debt Payments

22 October 2013 05:30 PM till 06:30 PM

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Event Description

Are you one of the millions of Americans who is having difficulty making your monthly student payments forced to choose between rent, mortgage or student debt payments? Perhaps you are a recent graduate dreading the end of your grace period, wondering how you will be able to afford this new monthly obligation.  Perhaps you are a teacher, barely able to cover your food and tuition expenses but saddled with a student payment that feels like a second mortgage payment.

 If you are, please join us for an evening describing several federal programs that let you reduce your monthly payments and discharge remaining debt after a set period of time.

The Department of Education recently introduced a program called the Income Based Repayment Program (IBR) which lets you calculate your monthly payments based on your income and household size, regardless of the amount of the debt.

For example, if you have three people in your household (you, your spouse and one child) and you earned $40,000 and had $50,000 in debt, your IBR monthly payment would be $142. Under the regular payment if you had $50,000 in debt, your regular monthly payment would be as high as $575 for a monthly savings of $432.

Or if you have six people in your household and you earn $50,000, your IBR payment would be only $44 compared to $575 ($50,000 debt) for a savings of $531

If you are a recent graduate the Pay as You Earn program cuts your payment by a third or $95 in the first scenario and $30 in the second.


There is a companion program that allows the borrower to discharge any remaining debt after a set minimum number of qualified payments.  Public Service employees (Teachers, nurses, policemen, municipal workers etc) can be eligible for this discharge after as little as 120 payments or ten years. Imagine paying $95 per month and after 120 payments, discharging the balance.


The two programs provide for reduced monthly payments to help with immediate cash flow needs and discharge within a reasonable period of time.  Learn how these programs can help you stay current on your student loans, make ends meet as you deal with raising your family and know that at a predictable time in the future, this debt will be finished.


David Siegel is a Home Lending Specialist at Citibank, working with residential mortgages.  David is affiliated with FirstIsrael a leading mortgage broker specializing in mortgages for properties in Israel
David previously worked as a bankruptcy attorney and helped clients with mortgage, consumer and student debt related issues. David can be reached at

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A $5.00 (or more) donation, fully tax deductable would be appreciated at the time of registeration. Thanks for your understanding.

Any questions? Please e-mail or call 212-563-4000 and ask for the job board

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22 October 2013

5:30 PM

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About the organizer

The OU Job Board
– – is a 501c3 nonprofit organization dedicated to helping people find successful employment opportunities and placements. The Job Board posts jobs, hosts resumes, and offers employment enhancement programs and services in the form of online classes, seminars, webinars, job fairs, resume review events, career counseling, mentoring and much more. We are also the conduit to local social service and “chesed” organizations to provide more comprehensive employment help and assistance in your area. We also act as a facilitator in employment, educational and legal matters.

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