Income Driven Repayment Plan Phone Number

Payments based on your income not on the amount you owe.

Income driven repayment plan phone number. For the revised pay as you earn repaye pay as you earn paye income based repayment ibr and income contingent repayment icr plans under the william d. The choice of income driven repayment plan depends on the borrower s specific circumstances and goals. This plan requires that you have a partial financial hardship as defined on the income driven repayment plan request. The ibr plan caps monthly payments at 15 of discretionary income for borrowers who took out their first loan before july 1 2014 or 10 for those who were new.

Federal student aid. 1845 0102 form approved expiration. Ford federal direct loan direct loan program and federal family education loan ffel programs. If the borrower s goal is to have the lowest monthly payment the choice of income driven repayment plan matters.

If you need to make lower monthly payments or if your outstanding federal student loan debt represents a significant portion of your annual income one of the following income driven plans may be right for you. To qualify for student loan forgiveness you must make on time payments for 20 to 25 years and then you can receive student loan forgiveness on any remaining balance. With the other income driven repayment plans you can qualify for loan forgiveness after just 20 years of payments except if you choose repaye and have loans from graduate school which extends. What s more if you pay on your loan using an income driven repayment plan and you still have a balance after 20 or 25 years depending on the loan and plan the remaining balance will be forgiven.

Just to illustrate how confusing these plans are the term income based repayment is what most students new grads and industry professionals call these plans. Income driven repayment idr plan request. The complexity of the income driven repayment plans can cause borrowers to choose the wrong income driven repayment plan. So the advantages of income driven repayment plans are clear.

After 20 or 25 years depending on the terms of your loan of qualifying payments your remaining loan balance is eligible for forgiveness.