The Income Based Repayment program (also known as IBR) is a federal student loan program that caps student loan payments for those who qualify. For individuals who meet the programs requirements, The Education Department’s Income Based Repayment program (or IBR) will cap monthly payments on federal student loans at 15 percent of the borrower’s income. The Income Based Repayment program applies only to federal student loans; private student loans are excluded from this program.
Though the IBR program has attracted some criticism because of what some consider a complicated process and eligibility requirements, the intentions of The Income Based Repayment program are good. The Income Based Repayment program is designed to keep federal student loan debt manageable for those individuals who do not earn a substantial income. As of July 1st, The IBR program has made some amendments to make the program more accessible to a wider range of individuals, including married couples. Prior to July 1st, only the borrower’s student loan balance was measured against total discretionary household income. Now, married individuals will have the ability to use their combined student loan payments to calculate eligibility, as long as they file their taxes jointly.
For those who have taken out private student loans, and those who…What Is Capitalized Interest On My Student Loan
Q: I just received a statement for tax purposes on my private…Will Not Paying Back Student Loans Hurt My Credit
Q: Can not paying back student loans hurt my credit? I have…How Our Readers Are Repaying Student Loans
Awhile back we asked our readers to submit tips on how they…
Have a college financial aid question? CollegeWhale.com is full on answers! Type your question in the search box to get started.
Sign up for The CollegeWhale.com Weekly Scholarship Round-Up, and let us bring the scholarships to you! Get a list of new available college scholarships delivered to your inbox each week.sign up