Repayment

STUDENT LOAN REPAYMENT

Federal student loan repayment programs can help graduates pay back student loans on a timetable that works best for them. Here you’ll find a few student loan repayment options that suit your income and will help you stay on track.

 

Pay As You Earn (PAYE)

PAYE is federal student loan repayment plan that allows qualified borrowers to limit their payments to 10 percent of their discretionary income on loans originating on or before October 1,…

PAYE is federal student loan repayment plan that allows qualified borrowers to limit their payments to 10 percent of their discretionary income on loans originating on or before October 1, 2007. Once these payments have been made consistently for a maximum of 20 years, approved borrowers who have continued to meet the program’s requirements can have their balance forgiven completely. Find out if you qualify for the PAYE program.

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Revised Pay As You Earn (REPAYE)

REPAYE is a student loan forgiveness program like PAYE that enables approved borrowers to pay the same 10 percent of discretionary income, regardless of when their student loans were issued.…

REPAYE is a student loan forgiveness program like PAYE that enables approved borrowers to pay the same 10 percent of discretionary income, regardless of when their student loans were issued. Just as with PAYE, borrowers who have continued to make payments and met all the requirements for the duration of the program, could have the remainder of their loans forgiven once the timeframe is completed. Find out if you are eligible for the REPAYE program.

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Income-Based Repayment (IBR)

Depending on the student loan type, an Income-based Repayment program may be ideal, as it offers a monthly payment amount of 15 percent based on an approved individual’s adjusted gross…

Depending on the student loan type, an Income-based Repayment program may be ideal, as it offers a monthly payment amount of 15 percent based on an approved individual’s adjusted gross income. In addition to the lower payment amount for those who qualify, the IBR program could offer borrowers an interest payment benefit on approved loans for a specified period, and student loan forgiveness once other requirements are met. Find out if the IBR program is right for you.

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IBR for New Borrowers

Borrowers with student loans that were received on or after July 1, 2014 can benefit from the IBR for New Borrowers program, which may help lower payments to 10 percent…

Borrowers with student loans that were received on or after July 1, 2014 can benefit from the IBR for New Borrowers program, which may help lower payments to 10 percent of discretionary income. Like other student loan forgiveness programs, the IBR for New Borrowers program are designed to forgive a borrower’s remaining balance after 25 years, as long as the borrower meets all program requirements for loan forgiveness. Find out if you meet IBR New Borrower program requirements.

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Income-Contingent Repayment (ICR)

The Income-contingent Repayment program is a student debt relief and loan forgiveness program with no income eligibility requirement. Monthly payments for the ICR program are based on the lesser of…

The Income-contingent Repayment program is a student debt relief and loan forgiveness program with no income eligibility requirement. Monthly payments for the ICR program are based on the lesser of two income-based criteria, with approved borrowers who meet the requirements potentially gaining access to total student loan forgiveness after a maximum 25-year repayment period. Find out if you can benefit from the ICR program.

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