Note that there's an additional repayment plan: Income-Contingent Repayment (ICR). Depending on your loan disbursement date, IBR forgiveness can be achieved after 20 to 25 years. In comparison, under the IDR plan, your monthly student loan payments will be 10% to 15% of your discretionary income, depending on when you took your loans out. Otherwise, for undergraduate loans, the REPAYE repayment period is 20 years. Whereas REPAYE carries an interest subsidy that PAYE doesn't have and takes five years longer to receive forgiveness if you took out graduate school loans. With PAYE and REPAYE, you generally only have to spend 10% of your discretionary income on repaying your federal student loans.Īs for loan forgiveness, PAYE allows student loan forgiveness after 20 years of qualifying payments. Student Loan Forgiveness Calculator (w/ New SAVE Plan).
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