An Income-Driven Repayment Plan can benefit you by lowering your monthly student loan payments. Depending on your plan, your monthly payments could be as low as $0. If your monthly payment is $0, you’ll still be responsible for paying the interest on your loans.
Forgiveness After 20-25 Years
If you have Direct Loans, you may be eligible for loan forgiveness after making 20-25 years of qualifying monthly payments. To qualify, you must be employed full-time by a government organization or a non-profit organization.
Other Benefits
Income-Driven Repayment Plans can also offer other benefits, such as the ability to postpone or reduce your monthly payments if you experience financial hardship, and the opportunity to rehabilitate defaulted loans.
Forgiveness After 20-25 Years
If you have Direct Loans, you may be eligible for loan forgiveness after making 20-25 years of qualifying monthly payments. To qualify, you must be employed full-time by a government organization or a non-profit organization.
Other Benefits
Income-Driven Repayment Plans can also offer other benefits, such as the ability to postpone or reduce your monthly payments if you experience financial hardship, and the opportunity to rehabilitate defaulted loans.
