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 South Carolina. Income-driven repayment plans are designed to make repaying student loans more manageable by allowing individuals to make payments based on their income rather than the full amount due. The most common type of income-driven repayment plan is the Income-Based Repayment (IBR) Plan. This plan is available for both federal and private student loans and can help lower monthly payments. Under the IBR plan, borrowers may qualify for loan forgiveness after a certain number of payments have been made under the plan. South Carolina also offers an additional income-driven repayment plan called the Revised Pay As You Earn (REPAYE) plan. This plan is available to borrowers with either federal loans or private student loans. It is different from the IBR plan in that it does not cap monthly loan payments as a percentage of income, but rather offers borrowers the opportunity to have their loan payments based on a fixed percentage of their income. This can help borrowers who are struggling to make payments on their student loans. In addition to the two income-driven repayment plans mentioned above, South Carolina also provides borrowers with the option of a Loan Forgiveness program. This program offers individuals the ability to have their student loan debt forgiven after a certain number of years of making payments on time. This program provides borrowers with an additional layer of protection when attempting to make payments on student loan debt.

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

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