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:
“A man’s indebtedness ... is not virtue; his repayment is. Virtue begins when he dedicates himself actively to the job of gratitude.”
—Ruth Benedict (1887–1948)
“I deplore my shortcomings, but plan to keep them.”
—Mason Cooley (b. 1927)