06.23.09 | What is an income-contingent repayment plan?
An income-contingent monthly payment will be based on your annual income (and that of your spouse if you’re married), your family size, and the total amount of your Direct Loans.
Borrowers have 25 years to repay under this plan, the unpaid portion will then be forgiven. However, you may have to pay income tax on the amount that is forgiven.
This program takes effect July 1, and graduate and professional student PLUS borrowers in the Direct Loan program are eligible to use the ICR repayment plan. Direct Loan parent PLUS borrowers are not eligible for the ICR repayment plan.
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Filed under: Repayment
hello
i would also like to better understand what an income contingent repayment plan is–how to apply for, eligibility, etc.
thank you
July 13th, 2009 | #
Hello i would like to better understand what a contingent repayment plan is and how it will help me, ie. how to apply
Thanks
Kristy Taylor
August 29th, 2009 | #