Income driven repayment plans allow for forgiveness.
Pay As You Earn Repayment Plan
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[one_half_last] The Pay As You Earn can help student loan borrowers get a more affordable monthly loan payment based on:
1) Income
2) Family Size
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Income Based Repayment Plan
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[one_half_last]Income Based Repayment Plan
Over the years, the program earned the nickname “Obama Student Loan Forgiveness”. While Obama was in office when the program passed, the real name for this program is called the William D. Ford Direct Loan Program
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Income Contingent Repayment Plan
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[one_half_last]Income Contingent Repayment
This plan gives access to the following benefits:
– Payment that is based off of…
– Does not exceed 20 percent…
-Parent PLUS loan borrowers can find this especially useful
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[one_half_last]Income-Sensitive Repayment Plan
Similar to the Income Contingent Repayment Plan.
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[one_half_last]Revised Pay As You Earn Repayment Plan
This Plan (REPAYE) is an extension of the Pay As You Earn Repayment Plan.
Student loan borrowers entering the REPAYE Plan will have access to the following benefits:
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Wanda Tucker says
Amy, I sure would like to get the loan forgiveness program. Every year they take my tax return which isn’t very much and I need that money to try and fix my mobile home that is literally falling in around me. I will be 70 next month and have my granddaughter and great granddaughter living with me so I am really stressed for any extra monies. I am on SS which is only a little over $600 a month and I drive a school bus part time which is not a full time paying job.
Any help would be greatly appreciated.
Thanks
Linda Barbare says
How do I get income forgiveness on my student loans. I know I hate to even think about my loans.
Amy Blatterfein says
Hey Linda,
Are you referring to being on an Income based repayment plan, or are you inquiring about student loan forgiveness?
Both are granted through the Department of Education, and we’d be happy to assist you. Please give us a call at 877.433.7501 if you’d like to go over all your options and find a plan that works for you.