Are there any student loan repayment plans that allow for income-driven repayment?

Yes, there are student loan repayment plans that allow for income-driven repayment in North Carolina. Income-driven repayment plans are designed to reduce monthly payments for borrowers with larger amounts of debt, or if a borrower’s income is low. These plans help prevent borrowers from defaulting on their student loans. Borrowers in North Carolina can choose from four different income-driven repayment plans: Income-Based Repayment (IBR), Pay As You Earn (PAYE), Revised Pay As You Earn (REPAYE), and Income-Contingent Repayment (ICR). IBR includes loans issued before July 1, 2014 and is the most common income-driven plan. It’s best for borrowers who have a high amount of debt relative to their income. To qualify for IBR, a borrower must have a partial financial hardship, which is determined by the amount of the borrower’s loan relative to their income. PAYE was designed with borrowers in mind who have lower amounts of debt relative to their income. Borrowers must have taken out their first loan on or after October 1, 2007 and must demonstrate a partial financial hardship to qualify. REPAYE is similar to PAYE but is for borrowers who are Consolidation or Direct Loan borrowers. It’s also open to older loans as long as the borrower still has an outstanding balance. Lastly, ICR qualifies borrowers who are Consolidation or Direct Loan borrowers, and older loans are allowed as long as the borrower still has an outstanding balance. Borrowers can access all of these income-driven repayment plans for their student loans in North Carolina.

Related FAQs

Are there any special programs or incentives to help me pay off my student loans?
Are there any grants or scholarships that can help with student loan repayment?
What are the differences between federal and private student loans?
How do I contact my student loan servicer?
How do I qualify for a loan discharge due to my disability?
Are there any programs available to help me refinance my student loans?
What are the requirements to receive student loan deferment?
What is the best way to pay off my student loans?
How do I find out if I'm eligible for student loan forgiveness?
How long does it take to receive student loan funds once I’m approved?

Are there any student loan repayment plans that allow for income-driven repayment?

Related FAQs

Related Blog Posts