Income-Based Repayment Plan
If a student's loan debt is high but their income is modest, they may qualify for the Income-Based Repayment Plan (IBR). Most major types of federal student loans—except for PLUS loans for parents—are eligible for IBR. Income-based plans provide for payment of 15% of disposable income for up to 25 years, then the loan is forgiven.
Read more about this topic: Student Loans In The United States
Famous quotes containing the words repayment and/or plan:
“Parents vary in their sense of what would be suitable repayment for creating, sustaining, and tolerating you all those years, and what circumstances would be drastic enough for presenting the voucher. Obviously there is no repayment that would be sufficient . . . but the effort to call in the debt of life is too outrageous to be treated as anything other than a joke.”
—Frank Pittman (20th century)
“Fix’d like a plan on his peculiar spot,
To draw nutrition, propagate, and rot.”
—Alexander Pope (1688–1744)