How to Qualify for Income Based Repayment (IBR)?

Income based repayment, or IBR, is one option to repay your student loans. This type of repayment option can be very beneficial, depending on your situation. With this type of student loan repayment option, your monthly payment will depend on how much money you earn. The lender will look at the amount of money that you make and your current expenses. They will then take a percentage of the amount of money that you make every month. This option will result in your payment being smaller when you do not make much money and increasing as your income does.

Qualifications

Qualifying for this type of repayment will not be difficult. You will simply need to contact your lender and talk to them about your repayment options. You will have to choose this option and then fill out the appropriate paperwork. You will need to provide them with income information so that they can evaluate how much your payment will be. You will also need to periodically provide the lender with information about your income as it increases over the years.


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