While payments under other types of
Direct Loan plans, like the 10 - year Standard Repayment Plan, do qualify and count toward your 120 payments, you'll want to switch to an income - driven plan as soon as possible — because if you stick with a standard 10 - year repayment, you'll have paid off your loan in full after 10 years with nothing left to be forgiven under PSLF.
Not exact matches
While banks are busy adopting stringent lending practices, self -
directed IRA and 401 (k) account owners are making hard money
loans earning tax - advantaged interest within their
plans.
If you consolidate
loans other than Direct Loans, it may give you access to additional income - driven repayment plan options and Public Service Loan Forgive
loans other than
Direct Loans, it may give you access to additional income - driven repayment plan options and Public Service Loan Forgive
Loans, it may give you access to additional income - driven repayment
plan options and Public Service
Loan Forgiveness.
Your servicer can
direct you through its specific process of switching you
loans over to an IDR
plan.
Borrowers who have
Direct Stafford
loans that are either subsidized or unsubsidized, FFEL PLUS
loans, or FFEL consolidation
loans may qualify for an income - sensitive repayment
plan.
Borrowers with
Direct Stafford
loans, subsidized or unsubsidized, PLUS
loans, or consolidation
loans may opt for the extended repayment
plan.
In most cases, the court will
direct you to repay your
loans with the help of other federal programs, such as an income - driven repayment
plan or deferment.
On the other hand, they are eligible for the Income - Contingent Repayment
plan if you consolidate your
loans through a
Direct Consolidation
Loan.
Under an income - contingent repayment program, borrowers with
Direct Stafford
loans of any kind, PLUS
loans made to students, and consolidation
loans have their monthly payment based on the lesser of 20 percent of discretionary income or the amount due on a repayment
plan with a fixed payment over 12 years, adjusted for income.
The
Direct Consolidation
Loan, as mentioned above, is one choice for exiting default, but if you go this way, you must first either agree to sign up for an income - driven repayment plan or make three consecutive, on - time, full payments on your l
Loan, as mentioned above, is one choice for exiting default, but if you go this way, you must first either agree to sign up for an income - driven repayment
plan or make three consecutive, on - time, full payments on your
loanloan.
If your
loans are in default, the government requires you to sign up for an income - driven repayment
plan to take out a
Direct Consolidation
Loan.
•
Direct Stafford
loans •
Direct Consolidation
loans • Perkins and Parent PLUS
loans are only eligible if you consolidate them into a
Direct Consolidation
loan and repay them under the standard or income - contingent repayment
plan.
The Public Service
Loan Forgiveness (PSLF) Program forgives the remaining balance on your
Direct Loans after you have made 120 qualifying monthly payments under a qualifying repayment
plan while working full - time for a qualifying employer.
It's important to understand that the Standard Repayment
Plan for Direct Consolidation Loans is not the same repayment plan as the 10 - Year Standard Repayment Plan, and payments made under the Standard Repayment Plan for Direct Consolidation Loans do not usually qualify for PSLF purpo
Plan for
Direct Consolidation
Loans is not the same repayment
plan as the 10 - Year Standard Repayment Plan, and payments made under the Standard Repayment Plan for Direct Consolidation Loans do not usually qualify for PSLF purpo
plan as the 10 - Year Standard Repayment
Plan, and payments made under the Standard Repayment Plan for Direct Consolidation Loans do not usually qualify for PSLF purpo
Plan, and payments made under the Standard Repayment
Plan for Direct Consolidation Loans do not usually qualify for PSLF purpo
Plan for
Direct Consolidation
Loans do not usually qualify for PSLF purposes.
NOTE:
Direct PLUS Consolidation
Loans, which include PLUS
Loans made to parent borrowers before July 1, 2006 must be re-consolidated into a
Direct Consolidation
Loan to qualify for repayment under the ICR
plan.
If you consolidate parent PLUS
loans with other
direct federal student loans into a Federal Direct Consolidation Loan, the only income - driven repayment (IDR) program that loan will be eligible for is income - contingent repayment (ICR), the least generous of all IDR
direct federal student
loans into a Federal
Direct Consolidation Loan, the only income - driven repayment (IDR) program that loan will be eligible for is income - contingent repayment (ICR), the least generous of all IDR
Direct Consolidation
Loan, the only income - driven repayment (IDR) program that loan will be eligible for is income - contingent repayment (ICR), the least generous of all IDR pl
Loan, the only income - driven repayment (IDR) program that
loan will be eligible for is income - contingent repayment (ICR), the least generous of all IDR pl
loan will be eligible for is income - contingent repayment (ICR), the least generous of all IDR
plans.
Direct PLUS
Loans for parents are not eligible for the IDR
plans that allow borrowers to benefit from the PSLF program.
The ICR
plan is the only available IDR
plan for a
Direct Consolidation
Loan that includes a PLUS
Loan made to a parent borrower.
NOTE: Payments you make under a 10 - year Standard Repayment
Plan or under any other Direct Loan Program repayment plan with payments that are at least equal to what you would have been required to pay under the 10 - year Standard Repayment plan also count toward P
Plan or under any other
Direct Loan Program repayment
plan with payments that are at least equal to what you would have been required to pay under the 10 - year Standard Repayment plan also count toward P
plan with payments that are at least equal to what you would have been required to pay under the 10 - year Standard Repayment
plan also count toward P
plan also count toward PSLF.
However, if a
Direct PLUS
Loan made to a parent borrower is consolidated into a
Direct Consolidation
Loan, the new
Direct Consolidation
Loan can then be repaid under the ICR
plan, which is a qualifying repayment
plan for PSLF.
You may reconsolidate a defaulted FFEL Consolidation
Loan without including any additional
loans in the consolidation, but only if you agree to repay the new
Direct Consolidation
Loan under an income - driven repayment
plan.
Student borrowers with
direct subsidized or unsubsidized
loans, individuals with parent or grad PLUS
loans, and all consolidation
loans are eligible for the standard repayment
plan through the federal government.
If you make three voluntary, on - time, full monthly payments before consolidating, you can choose from any of the repayment
plans available to
Direct Consolidation
Loan borrowers.
If you choose to repay the new
Direct Consolidation
Loan under an income - driven plan, you must select one of the available income - driven repayment plans at the time you apply for the consolidation loan and provide documentation of your inc
Loan under an income - driven
plan, you must select one of the available income - driven repayment
plans at the time you apply for the consolidation
loan and provide documentation of your inc
loan and provide documentation of your income.
The chart below, generated by the Department of Education's repayment estimator, shows how much $ 26,946 in
direct subsidized federal student
loans with a 4.3 percent interest rate would cost a borrower to repay under all seven different repayment
plans available to federal student
loan borrowers.
Parents who take out PLUS
loans can consolidate them in a
Direct Consolidation
Loan and then repay the new consolidation loan under an Income Contingent Repayment (ICR) p
Loan and then repay the new consolidation
loan under an Income Contingent Repayment (ICR) p
loan under an Income Contingent Repayment (ICR)
plan.
If you are currently in default on a federal student
loan and
plan to go back to school, you may benefit from a
direct consolidation
loan.
If the borrower in the above situation had also taken out an additional $ 40,000 in unsubsidized
direct federal
loans to attend graduate school at the current interest rate of 5.8 percent, the differences in outcomes between repayment
plans are even more dramatic (see chart below).
ICR is the only income - based
plan available for Parent PLUS
Loans, though it must be consolidated with other federal student debt using a
Direct Consolidation
Loan.
The Standard Repayment
Plan is a fixed payment plan of up to 10 years (or 30 years if you have FFEL or Direct Consolidation Loa
Plan is a fixed payment
plan of up to 10 years (or 30 years if you have FFEL or Direct Consolidation Loa
plan of up to 10 years (or 30 years if you have FFEL or
Direct Consolidation
Loans).
However, if you consolidate your FFEL Program
loans into a
Direct Consolidation
Loan, you'll then have access to the REPAYE, PAYE, and ICR
plans.
You must have over $ 30,000 worth of
Direct Loans or Federal Family Education
Loans (FFEL) to qualify for this repayment
plan.
* If a
loan type is listed as «eligible if consolidated,» this means that if you consolidate that loan type into a Direct Consolidation Loan, you can then repay the consolidation loan under the income - driven p
loan type is listed as «eligible if consolidated,» this means that if you consolidate that
loan type into a Direct Consolidation Loan, you can then repay the consolidation loan under the income - driven p
loan type into a
Direct Consolidation
Loan, you can then repay the consolidation loan under the income - driven p
Loan, you can then repay the consolidation
loan under the income - driven p
loan under the income - driven
plan.
In addition to meeting the requirement described above, to qualify for the PAYE
Plan you must also be a new borrower as of Oct. 1, 2007, and must have received a disbursement of a
Direct Loan on or after Oct. 1, 2011.
One benefit of federal
loans, including Direct Consolidation Loans, is that you can alter your repayment
loans, including
Direct Consolidation
Loans, is that you can alter your repayment
Loans, is that you can alter your repayment
plan.
However, if you consolidate a FFEL Program
Loan or Federal Perkins Loan into a Direct Consolidation Loan, you may then be able to repay the Direct Consolidation Loan under the REPAYE, PAYE, and ICR Plan (depending on the type of loan that you consolida
Loan or Federal Perkins
Loan into a Direct Consolidation Loan, you may then be able to repay the Direct Consolidation Loan under the REPAYE, PAYE, and ICR Plan (depending on the type of loan that you consolida
Loan into a
Direct Consolidation
Loan, you may then be able to repay the Direct Consolidation Loan under the REPAYE, PAYE, and ICR Plan (depending on the type of loan that you consolida
Loan, you may then be able to repay the
Direct Consolidation
Loan under the REPAYE, PAYE, and ICR Plan (depending on the type of loan that you consolida
Loan under the REPAYE, PAYE, and ICR
Plan (depending on the type of
loan that you consolida
loan that you consolidate).
Direct Loans (subsidized and unsubsidized) are eligible for the standard repayment
plan.
Like the standard repayment
plans,
Direct (subsidized / unsubsidized), Stafford, and PLUS
Loans are all eligible.
* For the IBR
Plan, you're considered a new borrower on or after July 1, 2014, if you had no outstanding balance on a William D. Ford Federal
Direct Loan (Direct Loan) Program loan or Federal Family Education Loan (FFEL) Program loan when you received a Direct Loan on or after July 1, 2
Loan (
Direct Loan) Program loan or Federal Family Education Loan (FFEL) Program loan when you received a Direct Loan on or after July 1, 2
Loan) Program
loan or Federal Family Education Loan (FFEL) Program loan when you received a Direct Loan on or after July 1, 2
loan or Federal Family Education
Loan (FFEL) Program loan when you received a Direct Loan on or after July 1, 2
Loan (FFEL) Program
loan when you received a Direct Loan on or after July 1, 2
loan when you received a
Direct Loan on or after July 1, 2
Loan on or after July 1, 2014.
Borrowers with
Direct Loans may change
plans at any time by notifying the Department of Education.
If you don't want to consolidate your FFEL
loans into a
Direct Consolidation
Loan, you may be able to enroll in a different
plan called Income - Based Repayment (IBR).
** The only income - driven
plan available for Parent PLUS
loans is the Income - Contingent Repayment (ICR)
plan, and the Parent PLUS
loan must first be consolidated into a Direct Consolidation Loan to become eligible for
loan must first be consolidated into a
Direct Consolidation
Loan to become eligible for
Loan to become eligible for ICR.
To be eligible for this
plan,
Direct Loan and FFEL borrowers must have more than $ 30,000 in student loan debt and must not have had an outstanding balance on or before October 7, 1
Loan and FFEL borrowers must have more than $ 30,000 in student
loan debt and must not have had an outstanding balance on or before October 7, 1
loan debt and must not have had an outstanding balance on or before October 7, 1998.
To get on an ICR
plan, the government requires you to first consolidate your federal Parent PLUS
loan into a
Direct Consolidation
loan.
Their only option for income - driven repayment is to combine PLUS
loans in a federal
Direct Consolidation
Loan and then repay the new consolidation loan under an Income Contingent Repayment (ICR) plan, the least generous of all pl
Loan and then repay the new consolidation
loan under an Income Contingent Repayment (ICR) plan, the least generous of all pl
loan under an Income Contingent Repayment (ICR)
plan, the least generous of all
plans.
The effect of the
planned changes is expected to grow
direct funding to universities for teaching, learning and research from $ 10.7 billion in 2017 by 8 per cent to $ 11.5 billion in 2021, and taxpayer - backed student
loans paid to universities from $ 6.4 billion to $ 7.4 billion, meaning a total funding increase of 11 per cent, if universities maintained their current enrolment patterns.
WASHINGTON — President Clinton was poised late last week to unveil a long - awaited legislative package that would create a federally chartered corporation to oversee a national service program, replace the existing student -
loan program with a system of
direct loans made with federal capital, and call for extensive use of a
loan repayment
plan that would base payments on a borrower's income.
With budget talks with Congressional leaders at a standstill, administration officials highlighted
direct student
loans and education spending last week in the first of several
planned news briefings to outline President Clinton's negotiating positions.
Applicants requesting only a
direct loan and / or a line of credit (TIFIA only) are required to specify in their application how the
plan of finance for the project would be impacted if credit assistance was instead provided in the form of a
loan guarantee.
Otherwise, you'll have to pay the newly consolidated
direct loan under an income - based, pay - as - you - earn, or income - contingent repayment
plan.