The Truth about Social Security

By Bob Livingston

Another "most important election in our lifetimes" has come and gone. I've seen many of them over the years and all of them have something in common — politicians using Social Security to scare the people. This one was no different, with Democrats claiming that Republicans are going to cut Social Security. Retired people are very concerned about what the government will do to Social Security payments. So, politicians love to use Social Security to get in office and stay in office. What is the real truth about Social Security? I am going to tell you something you've probably never heard and never will hear if you listen only to the politicians and the mainstream propaganda media. There are three sides to Social Security. They are: the government, those who pay in (producers), and those who receive payments (consumers). All three have a different perspective and different goals. First, let's start with the government. The U.S. government has a serious problem with Social Security, and I hasten to add that the problem is not funding Social Security. Social Security is not funded, it has no trust fund, and it will never be funded. Government payments to Social Security recipients are no different from government payments for anything else. The government simply sends computer symbols to your checking account. You then spend the numbers by writing them on a paper check or swiping your debit card and passing them to somebody else. You don't have any money, only imaginary numbers called money. Just about anybody you talk to is worried that Social Security will go broke. Let's settle this nonsense once and for all. The only possible way to go broke is to have substance as money — such as silver and gold — and spend it all with no way to get any more. We just agreed that money is only numbers which represent absolutely nothing. How can the government run out of numbers? They can create numbers until the end of time. So, what is the serious problem that government has with Social Security? Government is concerned with the exponential growth of the retirement population. Our economic system will collapse if our population gets too top-heavy with nonproducing consumers. Take my word for it, only so much consumption can be allowed by nonproducing, consuming retired people. Modern governments are very sensitive about consumption. The reason behind it is simple. Government is the biggest consumer of all. In some poverty-stricken Third World countries governments have already consumed all the national wealth, so there is no one left to produce and no one to buy if anything is produced. The bottom line is that government will not, under any circumstance, let the Social Security system out-consume the government and the productive capacity of the country. Production must balance consumption. Since only so much can be produced, then it follows that only so much can be consumed. Consumption must be regulated, and this is the problem. What will the government do? The government long ago started taxing Social Security. What does taxing do? Well, the American people believe that their taxes support the government. This is absolutely not true. Taxes of any kind have nothing to do with supporting the federal government. The federal government creates money through the central bank, AKA the Federal Reserve. Remember the numbers we discussed above? Taxing is very important because it is a process of taking some of the numbers back. Taxes control consumption. When the government taxes your income or Social Security, it is cutting your consumption. The more government taxes the more it reduces consumption. The more the government consumes, the less it will allow the people to consume. So, government consumption goes up and your taxes go up to cut more of your consumption. Remember, there cannot be more consumption than production, and the government is certainly not going to cut its consumption. If anything, it will just increase. So, you can expect that the government will tax Social Security more and more. You will hear political rumblings about taking Social Security away from people "who can afford to do without it," also known in political parlance as "the rich." This discrimination will be expanded. Next those "more fortunate" who have made the extra effort in life will be taxed more or denied altogether what they have paid in. Consumption by the retired population will be cut and cut massively. The government will do what it has always done. It will engage in class warfare. It will play the "have-nots" against the "haves," those who have worked hard and saved. If you understand the philosophy of government and if you understand the economic system, what we have just said is easy to predict. You can count on it. The cuts will come outright, or through some fabricated national emergency and in other devious ways. But they will come as the monstrous government consumes the national wealth. And it will come regardless of whether your politician is a "D" or an "R." Another way Social Security consumption will be cut will be by raising the age for which people become eligible for Social Security, as is already being done. When Social Security began, people could receive benefits at age 65. But in 1935, when Social Security was created, the average life expectancy was 60 years for men and 64 for women. This means far more people were paying in (producing) than were receiving benefits (consuming). Many producers never saw a dime of their money. This is what government prefers because it allows it to consume more. Now the life expectancy is 76 for men and 81 for women. So, consumption is beginning to far outpace production. Raising the age at which benefits are available forces producers to be producers longer and delays their ability to retire and become consumers. So, the Social Security crisis has absolutely nothing to do with funding. From the government and the politicians viewpoint, the problem is how to reverse consumption from the fast-growing, nonproducing consuming people who get Social Security. Also, the welfare medical system is now consuming far more than will be allowed in the future. The propaganda mills are already grinding about waste and inefficiency in the medical industry, and laws will be passed to cut Medicare and restrict treatment options. Retired people will have to pay for more and more of their medical expenses, and some will become unavailable based on age and health status (death panels). Any time the government and the politicians "regulate" your consumption with new income taxes or Social Security taxes, their purpose is to increase government consumption. It does not matter which politicians are in power. This is the philosophy and the plan of modern governments that create money through central banks.

Politics and the double-minded man

Politics and the double-minded man  By Bob Livingston

(This is the second installment of a four-part series on how conservatives should view the upcoming national midterm election. We will publish subsequent installments each Monday between now and Election Day. You can read the first installment here.)

"A double minded man is unstable in all his ways." James 1:8 (KJV).

In this scripture, James is warning Christians not to be wobbly in their faith, because those weak of faith are driven to and fro by the winds.

By definition, double mindedness is the mental state of believing or attempting to believe two opposing thoughts at the same time. This simple and brief teaching of James 1:8 on the double minded man is one of the most profound in scripture.

The scriptural charge of being unstable is of serious importance. The American Heritage Dictionary defines unstable as fickle and lacking control of one's emotions, characterized by unpredictable behavior.

We believe that double mindedness is a recognizable psychological phenomenon and that it is used to neutralize human thought and action. It is very subtle because it almost defies description. Herein lies its power to deceive and control human emotions.

There is both collective and individual double mindedness. Most all politicians are aware of this phenomenon and use it to deceive the electorate.

Last week in my column, Are Republican politicians on our side?, I pointed out that the conventional wisdom that Republican politicians in the District of Corruption are conservatives who look out for the interests of conservatives is nonsense. That column prompted emails and letters from readers asking if I was advocating voting for Democrats instead.

The U.S. political system is a farce and fraud. Until the American people wake up to the fact that the right/left, Republican/Democrat paradigm is a false one, the farce will continue and our liberties will continue to be eroded.

Politics in America is not a party system. It is instead a repetitive and insulting process of pacifying the national will with the illusion of freedom and political choices.

As I noted before, in a federal government dominated by a Republican majority, the federal leviathan still grows in power. Despite having a Republican majority in both houses of Congress and a Republican president, we still have abortion, Obamacare, sodomite "marriage" and perpetual war… and there is barely any lip service paid to ending any of it. And despite having a Republican majority House and split Senate (which gave Republicans the majority based on the vote of the vice president) under George Bush the lesser, we still had legalized baby murder and "compassionate conservativism" that grew government welfare/social programs (along with increased corporate welfare and bank bailouts), including increasingly socialized medicine.

While you were distracted over 36-year-old allegations of sexual impropriety by a Supreme Court nominee (who is touted as a conservative and constitutional originalist but who, while working for Bush Jr. adjudicated in favor of expanded government surveillance powers), "small government Republicans" passed a monstrous spending bill. The bill includes $178 billion for the Departments of Health and Human Services and Education — $10.7 billion more than President Donald Trump requested — $286 million in funding for abortion, and $100 million to continue an Obama-era "teen pregnancy prevention program." They also removed a provision from the House version allowing adoption agencies the discretion not to place children in homes without a father and mother.

The bill expanded social welfare programs to such a degree that all but five Democrats voted for it. So much for fiscal responsibility, small government and individual liberty.

The elites in the District of Criminals and the money power behind them are so far removed from the people over whom they lord and/or whom they employ, that they may as well be on a distant planet in another solar system. All the thoughts they think and all the things they do are designed to draw more power and more wealth into their control.

Every two years, whether it's in the off-year congressional election that we're approaching or the quadrennial presidential "election," the false paradigm is reinforced. The opposing candidates square off, promising change of this or that nature, and the people, hearing catch phrases and buzzwords that tickle their ears, fall in line and cast their votes. But regardless of whether this Republicrat or that Democan gets elected, nothing of consequence ever changes. Government grows and liberty is whittled away.

This is a classic example of collective double mindedness. Every American who votes will tell you, if asked, that he/she believes in life, liberty and property. Yet he/she votes for a political cabal that is progressively undermining basic liberty and transferring property to the state without payment. The only reason that people can be seduced into destroying their own liberty is because over time they have unknowingly adopted the morality of the state. Their double-mindedness has numbed their senses so that they do not know that political oratory is an appeal for sanction of their own plunder. The electorate never understand the issues because none are ever truthfully stated.

The individual or group is double minded when clinging to a philosophy that denies and is contradictory to reality, regardless of its name or label. Political parties were never intended to be different in substance, only in name and oratory. Before we third- and fourth-party devotees agree with smugness, the same applies to all political parties. A rose under any name is a rose.

No, there is no difference. Our hope is based on illusion and illusion on double-mindedness. The great deception goes on.

The double minded man forever seeks liberty under party labels. There are two illusions here. The first is that political parties appear different simply because they have different names. The second great illusion is that political parties lead to political freedom. The opposite is true. Collective plunder does not lead to human liberty, but to human conformity. When Americans had freedom, there were no political parties. 

Benford Candidate for State Rep. calls for property tax cap to quell fear, uncertainty

Benford calls for property tax cap to quell fear, uncertainty

by Carrie Bradon | Aug 23, 2018

First-time State House candidate Alyssia Benford is concerned about the impact increasing property taxes have on Illinois residents.

"As a CPA, I have experienced clients selling their home and moving to other states that have lower property taxes," Benford told the Will County Gazette. "In my area, property taxes range from $5,000 to $13,000 or more. A homeowner is paying $400 to $1,000 a month in property taxes alone.”

Illinois has the second highest property taxes in the country, a new Realtor.com website survey states. That is why Benford, who is running against Rep. Natalie Manley (D-Joliet) for the 98th District seat, is calling for tax reform, explaining that the current property tax rates harm home values and prevent people from being able to purchase homes.

Benford also said some constituents are between jobs and are fearful of losing their homes.

The failure of the government to bring effective change constituents can depend on points to a bigger issue with the state’s current leadership, she said.

"My opponent has made several statements about property taxes, depending on the audience," Benford said. "She voted over 19 times and nothing has been accomplished? That is ineffective leadership and residents of the 98th District deserve better."

Although there might not be a perfect solution to the issue, Benford said a cap is a good place to start.

"A property tax cap is a hybrid of a freeze,” she said. “A cap limits the ability to increase taxes by a more than a certain percentage without a public hearing. There are advantages and disadvantages here as well, but (it) could be a better alternative.”

The 98th District includes DuPage, Joliet, Lockport, Plainfield, Troy and Wheatland.

Young Republicans working hard and having fun

August Recap  2018

This month was a busy month for the Will County Young Republicans! We volunteered at various events, attended Governer's Day, supported many fundraisers, and hit the streets knocking doors for our candidates!                                                      Want to learn more about how to get involved? Please join us on September 14th for our monthly meeting starting promptly at 7 pm. The location will be Ashbury's at Boughton Ridge 335 E Boughton Rd, Bolingbrook, IL 60440. Guest speaker to be announced! 55 days until November 6th!! Upcoming Events

Romeoville Founder's Day Parade  Come join Statewide and local candidates in walking the Romeoville Parade on Sept. 16th Line up at 1pm- 590 Belmont Dr, Romeoville, IL 60446   Family Fun on the Farm Bring the family and enjoy the day at Siegel's Pumpkin Fest! Guest Speaker at 3pm! Loren Spivack the author of "Free Market Warrior" Tickets are just $10 with advanced purchase. Sunday Sept, 30th Gates open 10am-6pm 17250 Weber Rd, Lockport, IL 60441​ Candidates Forum Join the candidates forum for Sheriff, Circut Judge, County Clerk, County Treasurer, District 9 Board, and Illinois General Assembly for a discussion on their plans and platforms for our communities. September 27 at 6:30 pm 1710 Carey St, Joliet, Illinois 60433 Fall Dinner Please come and join the Will County Central Committee in supporting our local candidates! Tickets are $100 Wednesday, October 3rd, 2018 from 6pm-10pm  Bolingbrook Country Club 2001 Rodeo Drive Bolingbrook, IL

Copyright © 2018 Will County Young Republicans, All rights reserved. Our mailing address is: PO Box 1354 Plainfield, IL 60544

Conformity and control

Conformity and control  By Bob Livingston
Every government in history has sought conformity and control. The chief weapon governments use to achieve them is psychological warfare.

The more perfect psychological warfare, the more perfect is conformity and control. These two terms — conformity and control — are self-enforcing. That is, where there is conformity, there is control. Where there is control, there is conformity. The greater the one, the greater the other.

We are the most conditioned and programmed beings the world has ever known. Not only are our thoughts and attitudes continually being shaped and molded, our very awareness of the whole design has been erased. Few question anything.

One important thought here: A person's IQ or education level has absolutely nothing to do with his perception of reality. Higher education is higher brainwashing. Sometimes it seems that the more education, the bigger the fool. 

I myself went through four years of college, worked on a master's degree and attended law school. What a pity! It took valuable time and money for me to pay for the brainwash. It took years to get over it. I had to completely erase this education foolishness before I could begin to have half sense. My inquiring attitude and much, much reading helped me escape the programmed maze that entrapped me. The many conflicts and confusion were emotionally and financially costly. 

The basis of mass mind control is the use of carefully chosen words that have been twisted and distorted to manipulate the public mind. Whole volumes could be written about this. Few escape this psychological warfare. Words are created and repeated. This repetitiveness expands the collective psyche to further accept and repeat.

Edward L. Bernays, the nephew of Sigmund Freud, is the father of manipulative propaganda in America. He says that mass persuasion and mass hypnosis is the fundamental of so-called democracy.

This is from Bernays book, Propaganda:

"Those who manipulate the unseen mechanism of society constitute an invisible government which is the true ruling power of our country. We are governed, our minds molded, our tastes formed, our ideas suggested largely by men we have never heard of. "In almost every act of our lives, whether in the sphere of politics or business or in our social conduct or our ethical thinking, we are dominated by the relatively small number of persons who understand the mental processes and social patterns of the masses. It is they who pull the wires that control the public mind."

The public mind is controlled once a person believes a "fact" long enough. He or she can no longer ponder or contemplate information or a question that challenges the "established" fact. The mind simply cannot process information that conflicts with previously accepted data. Prior conditioning is difficult to challenge.

The same is true if we believe a lie long enough. We cannot ponder or contemplate information that challenges the lie, even if the lie is lethal, such as "fluoride prevents cavities."

Psychologists call this quirk of human nature cognitive dissonance. It means the rejection of information not in harmony with previous beliefs.

We are now being told that certain thoughts and ideas are "hate speech" and therefore out of bounds and must be eliminated. The internet is being scrubbed of any thought that deviates outside the norm if it can be labeled as "hate speech," which is of course a nebulous, meaningless and undefinable term. It's being done with the endorsement of politicians and leftist media pundits.

This is thought/mind control on a mass scale, bigger than Nazi book burnings. It is the electronic "memory hole" in action. Big Brother would feel right at home. 

Where’s Black Lives Matter to discuss how to end the Chicago gang violence?

What “solutions” were offered by Tiny Dancer and Superintendent Johnson to curb the violence on the south and west sides of the city? Will another expanded city bureaucracy do the trick? Where’s Black Lives Matter to discuss how to end the gang violence? When will Chicagoans stop genuflecting to the political class and demand real change? Dan and Amy discuss the failure of Rahm Emanuel and the decades of failure of Chicago politicians to create opportunity in minority communities and protect its residents.

Guide to Income-Driven Repayment Plans for Federal Student Loans

The Ultimate Guide to Income-Driven Repayment Plans for Federal Student Loans

•  Category: Student Loans

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Jeff Gitlen

June 9, 2016

Our research, news, ratings, and assessments are scrutinized using strict editorial integrity. In full transparency, our company may receive compensation from partners listed on our website. Learn more about how we make money by visiting our advertiser disclosure.

If you took out federal student loans to pay for your higher education, and are struggling to pay them back, you do have options!

Luckily, the government understands that some people may not be able to afford the high monthly payments that are often required of graduates. Whether you do not yet have a job, or have one that does not pay well enough to cover your payment, there are various repayment plans that can ease the month to month burden of student loans.

In this guide we will go over the various repayment plans that are alternatives to the Standard 10-year plan. In this plan, borrowers are expected to repay their debt within 10 years of the time their grace period, or the time when repayment is not yet required, ends. Depending on the amount of federal student loan debt taken on, monthly payments can be extraordinarily high in the Standard 10-year plan, and many borrowers opt to switch plans to that allow for more manageable monthly payments.

The alternatives to the standard repayment plan are all based on income, so they are fittingly called income-driven plans, and they are quite popular according to our statistics. Because there are 4 separate, yet similar, of these plans, we have highlighted the main points of each so you can decide which is best for you.

Income-Based Repayment (IBR) Plan

In 2009, the federal government introduced the Income-Based Repayment Plan, or IBR. Since that time, it has become the most popular alternative to the Standard 10-year plan, especially given the rising cost of college tuition. IBR is a smart choice for borrowers who have low incomes and cannot afford the monthly payments on their student loan debt. 

Note that you are only eligible for IBR if you demonstrate financial need and your new payment would be less than that under the Standard 10-year repayment plan. 

Repayment Period

• ​25 years for loans taken out before July 1, 2014
• 20 years for loans taken out on or after July 1, 2014

Payment Amount

• 15% of discretionary income for loans taken out before July 1, 2014 but never more than what your payment amount would be under the Standard 10-year plan
• 10% of discretionary income for loans taken out on or after July 1, 2014 but never more than what your payment would be under the Standard 10-year plan

Eligible Loans

Direct Loans

• Regular Direct Loans (both subsidized and unsubsidized)
• PLUS Loans (besides Parent PLUS)
• Direct Consolidation Loans (besides those used to consolidate Parent PLUS loans)

FFEL Loans

•  PLUS Loans (besides Parent PLUS)
• Stafford Loans (both unsubsidized and subsidized)
• Consolidation Loans (besides those used to consolidate Parent PLUS loans)

​Federal Stafford Loans (both subsidized and unsubsidized)

​Federal Perkins Loans if Consolidated

​Pros

• ​Reduced monthly payment
• Forgiveness after 20/25 years (depending on repayment length above)

Cons

• ​More interest accrues over time most likely
• Longer repayment term
• Any remaining debt after 20/25 years will be taxed as income when forgiven

Pay As Your Earn (PAYE) Plan

The government introduced the Pay As You Earn plan, more simply PAYE, in 2012. Because this plan is very similar to IBR, it is another smart option for those who are having a hard time managing their student loan payments.

Like IBR, in order to be eligible, your new payment must not be higher than it would be under the Standard 10-year plan. The main difference between IBR and PAYE is that PAYE has stricter eligibility requirements. In order to qualify for PAYE, you must have taken out a loan on or after October 1, 2007 and you must have received a disbursement of a Direct Loan on or after October 1, 2011. 

Repayment Period

• 20 years

Payment Amount

• 10% of discretionary income but never more than what your payment would be under the Standard 10-year plan

Eligible Loans

Direct Loans

• Regular Direct Loans (both subsidized and unsubsidized)
• PLUS Loans (besides Parent PLUS)
• Direct Consolidation Loans (besides those used to consolidate Parent PLUS loans)

FFEL Loans

•  PLUS Loans if consolidated (besides Parent PLUS)
• Stafford Loans if consolidated (both unsubsidized and subsidized)
• Consolidation Loans if consolidated (besides those used to consolidate Parent PLUS loans)

​Federal Stafford Loans if Consolidated (both subsidized and unsubsidized)

​Federal Perkins Loans if Consolidated

​Pros

• ​Reduced monthly payment
• Forgiveness after 20 years

Cons

• ​More interest accrues over time most likely
• Longer repayment term
• Any remaining debt after 20 years will be taxed as income when forgiven

Revised Pay As Your Earn (REPAYE) Plan

In 2015, the government released the revised version of PAYE. This new plan was (straightforwardly enough) called the Revised Pay As You Earn, or REPAYE program.

The new plan is much like its predecessor, but is open to many more student loan borrowers because it does not require any financial hardship like IBR and PAYE. Furthermore, this plan is based on both current income and family size (throughout the life of the REPAYE Loan).

Repayment Period

• 20 years for undergraduate student loans
• 25 years for graduate and professional student loans

Payment Amount

• 10% of discretionary income

Eligible Loans

Direct Loans

• Regular Direct Loans (both subsidized and unsubsidized)
• PLUS Loans (besides Parent PLUS)
• Direct Consolidation Loans (besides those used to consolidate Parent PLUS loans)

FFEL Loans

•  PLUS Loans if consolidated (besides Parent PLUS)
• Stafford Loans if consolidated (both unsubsidized and subsidized)
• Consolidation Loans if consolidated (besides those used to consolidate Parent PLUS loans)

​Federal Stafford Loans if Consolidated (both subsidized and unsubsidized)

​Federal Perkins Loans if Consolidated

​Pros

• ​Reduced monthly payment
• Forgiveness after 20 years for undergrad loans and 25 for graduate/professional loans
• Only have to pay 50% of accrued interest on subsidized loans after three years
• Only have to pay 50% of accrued interest for full REPAYE repayment period

Cons

• Spouse's income is included in monthly payment determination
• Any remaining debt after 20/25 years will be taxed as income when forgiven

Income-Contingent Repayment (ICR) Plan

The Income-Contingent Repayment plan, or ICR, is much like the other income-driven repayment plans, but only Federal Direct Loans are eligible. This does, however, include Parent PLUS loans - whereas the others do not.

There is no income requirement to be eligible for ICR and borrowers who make higher salaries are still eligible. This may be a good option for those who want to free up some money to use elsewhere, even if they can afford their current monthly payments. Like REPAYE, this program is always based on current income and family size for the life of the loan.

Repayment Period

• 25 years

Payment Amount

• Whichever is less:
• ​20% of your discretionary income
• The amount you would pay on a repayment plan with a fixed payment over 12 years, adjusted according to your income

Eligible Loans

Direct Loans

• Regular Direct Loans (both subsidized and unsubsidized)
• PLUS Loans (including Parent PLUS)
• Direct Consolidation Loans (including those used to consolidate Parent PLUS loans)

FFEL Loans

•  PLUS Loans if consolidated (besides Parent PLUS)
• Stafford Loans if consolidated (both unsubsidized and subsidized)
• Consolidation Loans if consolidated (besides those used to consolidate Parent PLUS loans)

​Federal Stafford Loans if Consolidated (both subsidized and unsubsidized)

​Federal Perkins Loans if Consolidated

​Pros

• No income eligibility requirement
• Forgiveness after 25 years
• Possibility of reduced monthly payment

Cons

• Payments may be higher than they would on Standard repayment plan
• Any remaining debt after 20/25 years will be taxed as income when forgiven

When to Switch to an Income-Driven Repayment Plan​

​It is smart to switch to an income-driven repayment plan when you cannot afford your monthly payment, or when it is so much that it makes the rest of your life difficult. Because these plans (usually) reduce your monthly payment, you will have to pay less each month, freeing up money to spend elsewhere. 

Another benefit of switching to an income-driven repayment plan is your potential eligibility for forgiveness. If you have very high debt and low income, then you may be able to have a substantial amount of debt forgiven ​after either 20 or 25 years, depending on the plan. 

​Make sure to look into each program's specific details to see what you qualify for and what your new payment plan would look like - both month to month and in the long run. If you qualify for multiple plans, calculate out what your monthly payment would be in each and decide which makes more sense for you personally.

If you are still unsure if you should switch to an income-driven repayment plan, speak to your student loan servicer for more advice on your personal situation.​

When to Avoid Switching

​If you have no trouble with your current monthly payment, it most likely does not make sense for you to switch to an income-driven plan. Because the repayment length is longer than it would be under the Standard 10-year plan, more interest will accrue over time. More accrued interest equals paying more over the life of your loan(s). Sure, it might be nice to pay less each month, but you could ending up paying thousands more over the life of your loan.

If you came to this page thinking income-driven repayment plans could save you money on your student loan debt, you should consider refinancing your debt with a private lender.​ When refinancing, a new lender pays off your old loan(s) and gives you a new one with new terms. Typically, borrowers receive lower interest rates and can save thousands over the life of their loans!

Here at LendEDU, we allow borrowers to compare personalized student loan refinancing quotes with one, free application. ​Alternatively, check out our Student Loan Refinancing & Consolidation guide for full reviews of the top lenders in the industry.

How to Apply for an Income-Driven Repayment Plan​

If you have decided that switching to an income-driven repayment guide is for you, you can submit the Income-Driven Repayment Plan Request on the the government's website or fill out the paper version, which you can obtain from your loan servicer. 

​In order to apply, you will need to verify your income in some way. Typically, they will look at your Adjusted Gross Income (AGI) or an alternative form of documentation.

The government will look at your AGI if you have filed a federal tax return in the past two years and your current income is similar to that in which you put on the tax return at the time. You can submit your AGI with your federal tax return or through the IRS Data Retrieval Tool.

If you have not filed a federal tax return in the past two years, or if your income now is substantially different than what it was when you filed, you will have to provide alternative documentation. This may include something like a pay stub that shows your current income. If you currently have no income, you may not have to provide any paperwork proving income.​

Final Thoughts​

If you are struggling with your current monthly student loan payment, switching to an income-driven repayment plan may really help ease the burden. Not only does it cap the amount that you pay each month based on your income, it may allow you to qualify for student loan forgiveness (though not for a long, long time). 

Don't see the lower monthly payment and immediately jump right in; be sure to consider the long term implications of switching your repayment plan.​ In most cases, you will end up paying much more over the life of your loan due to the increased amounts of accrued interest. 

If you are still unsure as to what to do regarding repaying your federal student loans, speak to your servicer about your options. Furthermore, if you are looking to pay less on your student loans, and have a good credit score, consider refinancing them to a lower interest rate!​ Sometimes, when refinancing, you can even extend your repayment period while saving money.

© 2016