Beaking News ! Biden Cancel Student Debt Before Sep 30

Written by John Doe

Basic Repayment Plans

There are three types of basic repayment plans available from the U.S. Department of Education designed for people

Standard Repayment Plan

The standard repayment plan of 10 years is the default repayment plan that comes on all federal student loans.

Graduated Repayment Plan

With a graduated plan, the payments will start out small and increase over time. This plan can be good for someone who is just starting out in their career

Extended Repayment Plan

For those who cannot afford a high monthly payment, the extended plan stretches out the loan to a term of up to 25 years

Pay as You Earn (PAYE)

The Pay as You Earn Plan, or PAYE, is available on all federal Direct Loans besides Parent PLUS Loans. Non-Direct Loans may be eligible if consolidated through the Direct Consolidation Loan program.

Revised Pay as You Earn (REPAYE)

The Revised Pay as You Earn Plan, or REPAYE, has the same eligibility requirements as the PAYE Plan. Your payments will also be limited

Income-Based Repayment (IBR)

Income-Based Repayment Plan, or IBR, is available with not only Direct Loans, but also federal Stafford loans and consolidation loans as well

Income-Contingent Repayment (ICR)

Income-Contingent Plan, or ICR, is available to all Direct Loans including Direct Consolidation Loans, and your payment is either 20 percent of your discretionary income

Income-Sensitive Repayment (ISR)

income-sensitive repayment plan bases your payment amount on your annual income, and the term is only 15 years

Repayment After Federal Student Loan Consolidation

Direct Consolidation Loan for your federal student debt, you’ll find that the income-driven plans are still available to you.

Choosing the Repayment Plan That’s Right for You

Before making any decisions, think about your current—and proposed future—financial situation and talk to your loan servicer.

Student loan forgiveness

For more details about Student Loan Forgiveness: COVID-19 Relief for Student Loan please click belew link

White Bag