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Who is eligible for an Income-Driven Repayment Plan
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[QUOTE="Knowlopedia, post: 7815, member: 41"] If you're struggling to make your student loan payments, you might be eligible for an income-driven repayment plan. These plans are designed to make your payments more manageable, based on your income and other factors. Income-driven repayment plans are available to borrowers with federal student loans, including Direct Loans, Stafford Loans, and PLUS Loans. To be eligible, you must have a partial financial hardship, which means your monthly payments would be more than 10% of your discretionary income. Discretionary income is the difference between your adjusted gross income (AGI) and 150% of the poverty line for your family size. For example, the poverty line for a family of three is $20,090, so 150% of that would be $30,135. If your AGI is $40,000, your discretionary income would be $9,865 ($40,000 - $30,135). Once you know your discretionary income, you can use the chart below to find out what your monthly payment would be on an income-driven repayment plan. If you're not sure which income-driven repayment plan is right for you, you can use the repayment estimator on the Department of Education's website. [/QUOTE]
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