Student Loan Refinancing

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What is IBR?

The term “Income-Based Repayment” is often misused as a catchall for the various IDR programs available today.

But IBR is just one of the four IDR plans offered by the Department of Education.  read more..

What is an IDR

An income-driven repayment (IDR) plan is a repayment plan for people with federal loans created to make your monthly loan payments more affordable. Income-driven repayment plans don’t cover private loans.  read more..

How IDR plans lower your monthly costs

The 10-year standard repayment schedule is the default for student loan borrowers, but it’s not always affordable.
High student loan balances will mean high monthly payments, which can be challenging to keep up with. Lower incomes relative to debt can also make it a struggle to cover monthly payments under the Standard Repayment Plan.

In such situations, IDR plans can be just the break you need. Instead of setting payments according to your student loan balance, the amount due each month is tied to your income. According to Federal Student Aid, such a plan is intended to make your payments affordable while taking income and family size into account.

Specifically, IDR plans set payments at a percentage of your discretionary income. For example, IBR sets payments at 10% to 15% of your discretionary monthly income, depending on when your loans were disbursed.

Your discretionary income is calculated by finding the difference between your adjusted gross income and 150 percent of the annual poverty line for a family of your size and in your state. This means your student loan payments are individualized to match your specific income, costs of living, and family size under IDR plans.

Don’t Wait Any Longer. Start Forging Your Own Path Today!

Disclaimer: Student Relief AID Corp. is a private company not associated with the Department of Education (DOE) or any other Government entity. Any person can apply for a loan consolidation without paying a fee provided they know the correct steps. Student Relief AID Corp. collects, and prepares documentation on clients behalf allowing for the client to submit documents themselves for student loan consolidation and repayment programs offered by the DOE. Student Relief AID Corp. is not a loan servicer or Federal Lender and does not provide debt relief services, including renegotiating, settling, or in any way altering the terms of a payment or debt. It’s services are only for the assistance and completion of federal student loan documents..

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