The U.S. Department of Education offers several options for student loan borrowers who aren’t able to afford the standard repayment plan. Income-contingent repayment is one type of repayment plan that lowers your monthly payment based on your income and family size, and it’s the only available income-driven repayment plan for parent PLUS borrowers.
Income-contingent repayment can make repayment more manageable for many borrowers, but it’s not the right choice for everyone. Here’s what to know about the plan and whether it’s best for your student loans.
What is income-contingent repayment?
Income-contingent repayment is one of five income-driven repayment plans you can apply for to lower your federal student loan payments. The plan considers your income and your family size and adjusts your monthly payments accordingly. Continuar leyendo «Who qualifies for the income-contingent repayment plan?»