Buyback and Recertifying Income
Federal employer service comp date: March 21, 2016. I've worked for this employer continuously since. I have 109 qualifying payments, plus two since my last employment certification form. Outstanding balance is ~$301,000.
I'm still making IBR payments, but I just had to recertify income today. My payments are going from $904/mo to an estimated $1,680. Today I also submitted a buyback request to try to recapture months I lost to SAVE forbearance, which would get me to 120.
I'm trying to decide whether or not I forego some retirement savings for the next year and make the new higher payments or request forbearance and wait for buyback to play out.
What are the risks to both options? Is there a refund amount if I continue to make payments and the buyback request is later granted?
I'm not planning to change jobs, but I want this thing off of my shoulders. I had no intention of applying for buyback until I saw this new payment figure, and now I can't help but consider saving $17,000 over the next ten months and wait on the buyback amount, which should be half or less.
I really appreciate peoples' time and feedback.