What are the income-based repayment programs available for student loans?

There are several income-based repayment programs available for student loans in Wisconsin. The Income Contingent Repayment Program (ICR) is a federal loan repayment plan that calculates your monthly loan payments as a percentage of your monthly income. It can help reduce the amount of money you have to pay each month, and the remaining balance on your loan is forgiven after 25 years. The Pay As You Earn (PAYE) program is another federal loan repayment plan that is similar to ICR. However, PAYE sets a cap on your monthly loan payments and your remaining balance is forgiven after 20 years. It is important to note that PAYE is only available for loans taken out after October 1, 2007. Wisconsin also has a program called the Student Loan Refinance and Reduction (SLRR) Program that helps borrowers reduce their loan payments according to their income. This program allows borrowers to pay a portion of their loan back over a predetermined period of time for a reduced amount. It is important to note that the borrower must have a good credit record and be up to date on their payments in order to qualify for the program. Finally, the Wisconsin Higher Education Aids Board (HEAB) also offers a Income Based Repayment (IBR) program. The program helps borrowers reduce their monthly loan payments according to their income and other factors. It is important to note that IBR is only available for borrowers with loans taken out after July 1, 2019. In conclusion, there are several income-based repayment programs available for student loans in Wisconsin. These programs can help borrowers reduce their monthly loan payments and potentially have the remaining balance forgiven after a certain period of time. It is important to note that each program has specific requirements in order to qualify.

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What are the income-based repayment programs available for student loans?

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