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I believe it is the amount you must repay to the company or person you took out the loan from when you were a student. This may stretch for weeks months or even years.
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∙ 11y ago
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Could you inform me about income contingent repayment?
Income contingent repayment is to make repaying your student loans easier, especially those who are going into jobs with low paying salaries, such as public service careers. This website might help you: http://www.finaid.org/loans/icr.phtml
Where can I find more about the income contingent repayment option for student loans?
Income Contingent Repayment, abbreviated ICR, is used if a person needs to pay back their student loans but have a low income. Any direct subsidized or unsubsidized loans are eligible, as well as direct plus loans or direct consolidation loans. Loans that are not eligible are federal family education loan program loans (FFEL) and direct plus loans made to parents. If you choose the income contingent repayment option, you would make monthly payments for 25 years based on your family size, income, and amount of money owed for your direct loans.
You are a single mother and make barely over minimum wage how should you go about repaying your student loan?
If it's federal, consolidate with Direct Loans and go on income contingent repayment.
Is income contingent repayment plan is available for direct plus graduate or professional borrowers?
As of July 1, 2009, graduate and professional student Direct PLUS Loan borrowers are eligible to use the ICR plan. Parent Direct PLUS Loan borrowers are not eligible for the ICR repayment plan.
Where can one find a direct loans payment?
Direct loans payment can be found at the relevant sites of the federal government in co-operation with your employer. There are several repayment plans to choose from: standard, extended, graduated, and income contingent.
Can a William D Ford Income Contingent Repayment plan be discharged?
If your situation involving your student loan passes all prongs of the Brunner test, then it can be discharged. But, with the Ford Payment Plan, the income contingent plan, your payments are set based on your income according to your tax returns. One of the prongs of the Brunner test, is that the person has made a "good faith and honest effort to pay". Therefore, it is very difficult to pass that prong unless you have continued to make your payments according to your arranged Ford plan.
Full form of ibr?
Income based repayment
Federal Student Loan Payment Based on Income?
Borrowers who enter the repayment period on their student loans, but have trouble affording their payments have an option. The federal loan service allows borrowers to make payments on their student loans based on their income. Borrowers must submit records of their income to qualify for income-contingent payments. The lender will evaluate the borrowers' income and set their payment amount accordingly. Borrowers still accrue interest during the period of time that they are making income-contingent payments. However, borrowers may still save money by making these lower payments if they do so in a timely manner, thereby avoiding earning late fees or defaulting on payments.
What's the best loan plan for schools?
Choosing the right repayment plan for your student loans is your first step toward meeting your financial goals. See which repayment option best meets your needs. These are Standard repayment, Extended repayment, Graduated repayment and Income-sensitive repayment (available only for FFELP loans).
If a defaulted student loan is consolidated with repayment at 0 does this affect credit rating for non-payment?
No, if you receive an income sensitive repayment plan after consolidating and the payment is $0 because of your dependents and income, then it will not adversely affect your credit score.
Is the remaining balance forgiven after 25 years of payments under the income contingent repayment plan?
The correct answer to your question is yes. You also must pay taxes on the amount forgiven. If you have FFEL loans instead of direct loans you need to go on the "income-based" repayment plan to get this benefit. Note that 25 years means 300 full payments; All months spent in deferment of forbearance DO NOT COUNT toward the 25 years.Federal Direct Loans offers this option. Unfortunately, I don't know whether the borrower must pay taxes on the balance remaining after 25 years--if that's the case, I'd better start saving now. At least now I know that I won't die owing several million dollars in accrued interest. IMO it's much better to deal with them than with a private lender. Their in-school deferment options also seem more generous (I'm in a Ph.D. program, and received a 10-year deferment). See ed.gov direct loans. Here is a handy repayment calculator: ed.gov RepayCalcWhen you begin repayment, your lender "should" send you a repayment options form where you can choose from 4 types of repayment. If they do not, then write them and tell them which option you want. If you select the income contingent repayment option, and still have a balance on your student loan after you've been paying on it for 25 years, you will be able to end the monthly payments and the amount that is remaining will need to be listed as income on that last year's income tax return.So it is not really "forgiven", you just pay taxes on it instead of any more interest. But, do you really want to pay interest for 25 years on a student loan? I don't think so.
In dealing with real estate does a silent partner partake in monthly income from property?
Yes, as repayment and interest....
