By the time Wayne Tibak graduated from college this spring, he had more than $118,000 in student debt. Then came the monthly payments, $1,700 due every month. Tibak started working two jobs, one during the day at Home Depot and another at night at Wal-Mart. But it wasn’t nearly enough to make the math add up...Yowza!!! After doing some research, Tibak learned about an Obama initiative that provides flexible repayment plans that let borrowers cap their monthly loan payments depending on how much income they’re earning. The result:
While in school, he did an unpaid internship with New Jersey governor Chris Christie’s re-election campaign. To fit that into his schedule, Tibak cut back his hours at Home Depot and used credit cards to cover expenses. As result, he racked up $8,000 in credit card debt.
After his Google search and a subsequent post seeking advice on Reddit, Tibak asked his loan servicer, Navient, about the repayment options available to him. The company told him he was eligible to have his federal loan payments lowered from $976 a month to $105 a month through IBR.The article doesn't tell us whether Tibak is still a Christie supporter. But we all might want to ask him, "So Wayne, what's the Gov done for you lately?"