Income Driven Repayment Plan Qualifications

The income contingent repayment plan icr in most cases ibr is a better option than icr for the reasons i outlined above plus.

Income driven repayment plan qualifications. For each of these plans you must initially qualify and you have to re certify on an annual basis. Income driven repayment plans offer student loan forgiveness after 20 or 25 years depending which income driven repayment plan you choose. These four repayment plans are referred to as income driven repayment idr. Income contingent repayment icr is the oldest of the income.

The pslf program is a federal program that forgives specific remaining debt after 120 student loan payments under an idr plan. Monthly payments are almost always going to be lower under ibr since it sets payments at 10 of discretionary income whereas icr sets the at 20. The income based repayment plan ibr vs. To qualify for student loan forgiveness you must make on time payments for 20 to 25 years and then you can receive student loan forgiveness on any remaining balance.

Each plan qualifies for the public service loan forgiveness program.