What are the different student loan repayment plans available?
An example of an AI chatbot conversation about student loan repayment plans.
What are the different student loan repayment plans available?
There are several repayment plans for student loans, including Standard, Graduated, Extended, and Income-Driven plans. Would you like details on any specific plan?
Can you explain the Income-Driven Repayment plans?
Income-Driven Repayment plans adjust your monthly payment based on your income and family size. There are four main types: Income-Based Repayment (IBR), Pay As You Earn (PAYE), Revised Pay As You Earn (REPAYE), and Income-Contingent Repayment (ICR). Each has different eligibility criteria and benefits.
How do I apply for an Income-Driven Repayment plan?
You can apply for an Income-Driven Repayment plan by filling out the application on the Federal Student Aid website. You'll need to provide information about your income and family size.
What happens if my income changes?
If your income changes, you can recertify your income and family size annually. This may adjust your monthly payment amount.
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