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

Yes, there are income-driven repayment plans available for student loans in New Hampshire. These plans allow borrowers to pay a fixed percentage of their discretionary income for up to 25 years in order to lower their monthly payments. Income-driven plans also offer the flexibility of repayment if the borrowers’ income changes. In New Hampshire, a borrower can choose from four different income-driven repayment plans: Income Contingent Repayment (ICR), Income-Based Repayment (IBR), Pay As You Earn (PAYE), and the Revised Pay As You Earn (REPAYE). Each plan calculates monthly payments differently, so it is important for borrowers to understand how each plan works. The ICR plan calculates payments based on the borrower’s income, family size, and loan amount. The IBR plan is similar to the ICR plan but uses more generous terms for repayment of loans taken out on or after July 1st, 2014. The PAYE plan caps monthly payments at 10 percent of discretionary income and offers forgiveness after 20 years of repayments. The REPAYE plan calculates payments based on 10 percent of the borrowers’ discretionary income and offers forgiveness after 20 or 25 years of payments, depending on the type of loan taken out. These repayment plans can help reduce student loan payments and provide more affordable options for borrowers in New Hampshire. It is important for borrowers to understand the different repayment plans available and which one is best for them in order to make the best decision when it comes to repaying student loans.

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

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