Sentences with phrase «loan repayment plans vary»
Loan repayment plans vary depending on your individual needs.
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While each plan varies, the premise of all four is the same: Your monthly loan payment is capped at a percentage of your discretionary income, and your repayment term is extended.
Forgiveness would occur when a borrower has repaid the same total loan amount they would have repaid under the standard repayment plan (In other words, forgiveness after 20 or 25 years would be eliminated and time to forgiveness would vary by borrower).
An IDR repayment plan may forgive any remaining debt on your loans if there is still a balance after a required number of payments have been made over 240 to 300 months (amount of time varies upon what repayment plan is selected).
It's important to note that individual situations vary, so this means the monthly payment under the income - contingent repayment plan may not be lower than the original loan payment.
Eligibility may vary by loan type, so make sure you review all the repayment plan details (PDF) provided by the Department of Education.
Your repayment term — the amount of time you have to repay the loan — and repayment plans can vary depending on the type of student loan.