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

Yes, Virginia has a number of student loan repayment options that provide an income-driven repayment plan. These plans are designed to help student loan borrowers who have difficulty making their monthly loan payments. They base the monthly loan payment on the borrowers’ annual income or a percentage of the borrower’s discretionary income. The income-driven repayment plans for student loans are offered through the Federal Student Aid office. These plans can include the Income-Based Repayment (IBR) Plan, Pay As You Earn (PAYE) Plan, Revised Pay As You Earn (REPAYE) Plan, and the Income-Contingent Repayment (ICR) Plan. The IBR Plan is the most common type of income-driven repayment plan offered by the Federal Student Aid office. This plan typically sets payments at 15% of the borrower’s discretionary income. There are also other benefits to using this plan, such as loan forgiveness after 25 years, and the ability to lower payments if the borrower’s income changes. The PAYE Plan, REPAYE Plan, and ICR Plan are also available through the Federal Student Aid office. These plans also allow for payments based on the borrower’s income, but the payment amounts and terms vary. The REPAYE Plan is the only plan to offer loan forgiveness after 20 years. In addition to the income-driven repayment plans offered through the Federal Student Aid office, there are also other programs available to Virginia student loan borrowers. These include the Department of Education’s Public Service Loan Forgiveness program, the Department of Education’s Teacher Loan Forgiveness program, and private loan consolidation programs.

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

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