The Repay program allows all direct loans of student borrowers the ability to cap their monthly payments at 10% of their discretionary income.
What’s Discretionary Income?
Discretionary is defined as the adjusted gross income above 150% of the applicable poverty guideline divided by 12.
What Do I Need To Know About My Eligibility For The Repaye Program?
Repaye program is available to all Direct student loan borrowers regardless of when they took out their student loan.
Borrowers and repaye whose only eligible Direct loan debt is for undergraduate education can have the outstanding loan forgiven after 20 years of repayment. Borrowers eligible for Direct loan program receiving graduate or more professional education will have their balances reviewed after 25 years!
Income driven repayment plans have become complex! It can be difficult to pick the right income driven repayment plan for you.
You owe it to yourself to sort out your loans and determine which loans are eligible for which income repayment plan.
Contact the Student Loan Resolution Center to help learn more about what income driven repayment options are right for you and to chart the course for your financial future. Learn about us here.
Call today at 727-828-9955 for a complimentary consultation.