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Feeling out of control with how much you are required to pay every month towards your federal student loans? Then you may want to consider other options.
For anyone with federal student loans, you have a few different choices when it comes to your repayment.
Income-driven repayment plans were created to help borrowers potentially lower their required minimum monthly student loan payment, making their required payment more affordable. Student loans are complicated, so think of this post as a an intro to income-driven repayment options.
Types of Income-Driven Repayment Plans
When you start paying back your federal student loans, you were automatically enrolled into the standard ten-year repayment plan. This repayment plan assumes that it will take ten years to pay off your student loans, and will require you to pay a set minimum monthly payment. This payment doesn’t change from month-to-month – it remains constant throughout the ten years of your loan.
While the standard ten-year repayment works well for some people, it may not be an ideal fit for everyone. If your monthly student loan payments eat up too much of your take-home pay, you may want to consider an income-driven repayment plan.
The term income-driven repayment is a broad term that encompasses four different types of repayment plans. Each plan is a little different, and will be outlined in this post. Generally, with income-driven repayme… Read More
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