Are there any income-driven repayment plans available for student loans?

Yes, there are income-driven repayment plans available for student loans in Illinois. These plans are designed to make student loan payments more affordable for borrowers. The types of income-driven repayment plans available in Illinois include: 1. Income-Based Repayment: Under this plan, your monthly payment is capped at 15% of your discretionary income and loan forgiveness can be available after 25 years. 2. Pay As You Earn: This plan is similar to income-based repayment, but caps your monthly payment at 10% of your discretionary income instead. Loan forgiveness is also available after 20 years. 3. Revised Pay As You Earn: This payment plan is similar to Pay As You Earn, but has a lower monthly payment cap of 10% of your discretionary income. Loan forgiveness can be available after 20 years. 4. Income-Contingent Repayment: This plan caps your monthly payment at 20% of your discretionary income. Loan forgiveness can be available after 25 years. Income-driven repayment plans can provide financial relief to student loan borrowers, but it is important to note that the debt may not be forgiven until several years after the payments have been made. Additionally, these plans may increase the overall repayment costs due to interest that accumulates over time. To find out more about the income-driven repayment plans available in Illinois, contact your loan servicer.

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Are there any income-driven repayment plans available for student loans?

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