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)
“Too many existing classrooms for young children have this overriding goal: To get the children ready for first grade. This goal is unworthy. It is hurtful. This goal has had the most distorting impact on five-year-olds. It causes kindergartens to be merely the handmaidens of first grade.... Kindergarten teachers cannot look at their own children and plan for their present needs as five-year-olds.”
—James L. Hymes, Jr. (20th century)