The Downside to Income-Driven Repayment Plans Like IBR, PAYE and REPAYE
IDR plans have a ton of borrower-friendly features, including student loan forgiveness. However, they have some flaws that all borrowers should understand.
IDR plans have a ton of borrower-friendly features, including student loan forgiveness. However, they have some flaws that all borrowers should understand.
Income-Driven Repayment plans like IBR, PAYE and REPAYE are the best choice for just about every student loan borrower.
Income-driven repayment is supposed to keep monthly payments affordable for all borrowers, but IDR plans help some borrowers more than others.
A jump in income can make monthly payments unaffordable. However, it is possible to skip a high earning year from IDR calculations.
Two recent programs announced by the Department of Education make the path to student loan forgiveness significantly less complicated.
Paying extra on IDR plans like IBR, PAYE and REPAYE is a risky choice for many student loan borrowers, especially those chasing student loan forgiveness.
Finding a way to pay off $40,000 in student loans presents some unique challenges because it is right on the border of many strategies.
Repayment options for Parent PLUS loans include income-driven repayment plans, loan forgiveness, and refinancing.
Getting the full value of federal student loan forgiveness programs requires more than just paying the minimum to maximize forgiveness.