Showing posts with label These are the four income-driven repayment plans:. Show all posts
Showing posts with label These are the four income-driven repayment plans:. Show all posts

Saturday, December 21, 2019

These are the four income-driven repayment plans:

These are the four income-driven repayment plans:
  • Revised Pay as You Earn Repayment Plan (REPAYE)
  • Pay as You Earn Repayment Plan (PAYE)
  • Income-Based Repayment Plan (IBR)
  • Income-Contingent Repayment Plan (ICR)
Income-Sensitive Repayment Plan: Only those holding loans from the Federal Family Education Loan (FFEL) program are eligible for this program. The FFEL program has been discontinued and no new FFEL loans have given out since 2010. This plan is somewhat of an outlier, as the FFEL program was funded by a partnership of the federal government and private banks. This means that the exact details of this repayment plan can vary depending on who owns your loan and what your situation is.

This plan requires you to pay a

This plan requires you to pay a lower monthly payment, but extends the term of your loan to a maximum of 25 years. You can select a fixed o...