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Personal Finance
Business & Personal Loans
Who is eligible for an Income-Driven Repayment Plan
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[QUOTE="Yusra, post: 7811, member: 259"] In order to be eligible for an Income-Driven Repayment Plan, you must have a partial financial hardship. This means that the amount you would pay on your loans under a standard 10-year repayment plan is higher than the amount you would pay under an Income-Driven Repayment Plan. There are four types of Income-Driven Repayment Plans: • Pay As You Earn (PAYE) • Revised Pay As You Earn (REPAYE) • Income-Based Repayment (IBR) • Income-Contingent Repayment (ICR) If you’re not sure which plan is right for you, contact your loan servicer for more information. To qualify for PAYE or IBR, you must have high student loan debt relative to your income and family size. To qualify for REPAYE or ICR, there are no such restrictions anyone with Direct Loans can apply. In addition to having a partial financial hardship, to be eligible for any of the four Income-Driven Repayment Plans you must also: • Have Direct Loans from the William D. Ford Federal Direct Loan Program • Not be in default on your loans If you’re not sure if you have Direct Loans, contact your loan servicer. If you are in default on your loans, you’ll need to repay your loans in full before you can enroll in an Income-Driven Repayment Plan. [/QUOTE]
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Who is eligible for an Income-Driven Repayment Plan
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