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

Yes, there are income-driven repayment plans available for student loans in Kansas. These plans help borrowers by adjusting their monthly payments based on their income and family size. Depending on the loan type, there are two types of income-driven repayment plans available in Kansas. The first is the Income-Based Repayment (IBR) plan, which is available to borrowers with certain federal student loans. This plan caps monthly payments at 15% of discretionary income, and any remaining balance is forgiven after 20 or 25 years. The second type of income-driven repayment plan is the Income-Contingent Repayment (ICR) plan. This plan is available to all federal student loan borrowers and adjusts payments according to 20% of discretionary income. Any remaining debt is forgiven after 25 years. Income-driven repayment plans can be a great way to manage student loan debt in Kansas. However, it is important to note that borrowers may still owe taxes on any loan balance that is forgiven. As such, borrowers should make sure they understand the implications of enrolling in an income-driven repayment plan before signing up.

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

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