What are income-driven repayment plans?
An example of an AI chatbot conversation about income-driven repayment plans for student loans.
Can you explain what income-driven repayment plans are?
Sure! Income-driven repayment plans are federal student loan repayment options that adjust your monthly payment based on your income and family size.
How do I know if I qualify for one of these plans?
You typically qualify if you have a federal student loan and your monthly payment under a standard plan is more than 10% of your discretionary income.
What are the different types of income-driven repayment plans?
There are several types, including Income-Based Repayment (IBR), Pay As You Earn (PAYE), and Revised Pay As You Earn (REPAYE). Each has different eligibility criteria and payment calculations.
Can these plans help with loan forgiveness?
Yes, if you make qualifying payments under an income-driven plan for 20 or 25 years, you may be eligible for loan forgiveness.
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