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

Yes, there are several income-driven repayment plans available for student loans in North Carolina. Income-driven repayment plans are designed to make payments more affordable by allowing borrowers to pay based on their income and family size. One of the most popular plans is the Income-Based Repayment (IBR) Plan, which allows borrowers to pay 10 to 15 percent of their discretionary income over a period of up to 20 years. The monthly payment amount is based on the borrower’s income and family size, so payments may change over time as the borrower’s income changes. Another option is the Pay As You Earn (PAYE) plan, which also uses a borrower’s income and family size to determine the monthly payment amount. However, the PAYE plan requires borrowers to pay 10 percent of their discretionary income, and the loan period can last up to 20 years. In addition, the Revised Pay As You Earn (REPAYE) plan allows borrowers to make payments for up to 25 years. REPAYE is similar to PAYE, but it also allows borrowers to qualify for loan forgiveness after 20 to 25 years of payments. Finally, the Income-Contingent Repayment (ICR) plan allows borrowers to pay the lesser of 20 percent of their discretionary income or the amount of a fixed repayment plan over a 25-year period. Overall, North Carolina offers several income-driven repayment plans that can make student loan payments more affordable for borrowers.

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