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

In Kansas, there are three different income-based repayment programs available for student loans. The Income-Based Repayment Plan (IBR Plan) is the most commonly used program. This plan allows borrowers to lower their monthly payments to an amount that is based on their income and family size. The payments are usually lower than the standard 10-year repayment plan, and the remaining balance can be forgiven after 25 years of repayment. The Pay As You Earn (PAYE) program is another income-driven repayment plan that offers lower payments and shorter repayment terms than the IBR Plan. This program also provides forgiveness after 20 years of repayment. Finally, there is the Income-Contingent Repayment (ICR) plan. Under this plan, payments are based on income and family size, but the repayment period is capped at 25 years. After 25 years, the remaining balance is forgiven. These three programs provide borrowers in Kansas with the flexibility to manage their student loan debt more effectively by enabling them to make affordable monthly payments based on their income. They also provide an avenue for loan forgiveness after a certain period of time.

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

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