Great Lakes Borrowing Income Driven Repayment Plan

If your spouse has loans with great lakes and would like to apply for an income driven repayment plan they must apply separately.

Great lakes borrowing income driven repayment plan. Income based ibr income driven idr pay as you earn income contingent icr repayment plan request form solicitud para plan de pago basado en los. Repayment plans offered by great lakes include income based repayment plan pay as you earn repayment plan revised pay as you earn repayment plan income contingent repayment plan and the income sensitive repayment plan. I want to select a plan for all of my direct loans. If you ve decided.

This adjusts your monthly payment to a set percentage of your disposable income as well as extends your repayment terms to 20 or 25 years. I want to select a plan for only my direct loans that are not eligible for the income based repayment ibr pay as you earn paye revised pay as you earn repaye or income contingent repayment icr plans. Your proof of income documents. Any remaining balance at the end of your term will be forgiven.

Idr plans include income based repayment income contingent repayment pay as you earn and revised pay as you earn. That typically results in the borrower paying income taxes on the canceled debt like they had earned that amount as. Because income driven repayment plans generally extend the payment period you may pay more interest over the life of your loan. This document isn t intended to detail all specific features of each plan.

An income driven repayment plan may be an option if you re not making enough to cover your monthly expenses or if your debt is high compared to your income. Borrowers can easily change their repayment plan to meet their needs but if one of these repayment plans doesn t work for them then they may want to consider a plan based on their income. This is your tax return or transcript or alternative documentation as outlined in section 5. Income driven repayment idr plans make it easier for federal student loan borrowers to pay back loans if your debt is high compared to your income.

Before you submit your request don t forget to include. You make the same monthly payment amount each month for 10 years. Find the student loan repayment plan that s right for you. Income based repayment 2014 ib4 income contingent repayment icr note.

Depending on how much you make your student loan payment could be as low as 0 month on an income driven repayment plan. Repayment plan request 1. Generally you will pay less interest over the life of your loan under a standard plan than an extended or income driven plan. They re based on your income family size the state you live in and federal student loan type.

Standard repayment plans include making monthly payments over 10 years.