Student loan debt has been a topic of discussion by the media and politicians in the past few years. While some claim that student loan debt is crippling, there are repayment options available which can help student loan borrowers ease the burden of repayment. Here we examine the differences between the various student loan repayment options as well as common Q&As about student loan repayment plans.
Income-Based Repayment (IBR)
Income-Based Repayment is generally considered less favorable for borrowers than other options. However, if you are a Federal Family Education Loan Program (FEEL) borrower, this is the only option you have available. Your payment is based on adjusted gross income for IBR. You can stay in IBR even if you stop qualifying due to