Need help consolidating my student loans
Under this plan, your payments will be the lesser of the following: With the ICR plan, your loans will be forgiven at the end of 25 years.It's important to note that with this plan, your payments could end up being higher than the standard 10 year repayment plan.It sounds like it could be confusing, but it doesn’t have to be.You can sign up for these programs for free at Student The Income Contingent Repayment Plan (ICR) is a little different than IBR or PAYE.There are no initial income requirements for ICR, and any eligible buyer may make payments under this plan.For both IBR and PAYE, it might make sense to file your tax return married filing separately to qualify.
The secret is simple: sign up for a qualifying student loan repayment plan, and your loan will be forgiven at the end of the plan. What's even better is that your income could be low enough to qualify for zero or minimal repayment, at which your loan will be forgiven at the end.Check out the Public Service Loan Forgiveness Training.It's important to note that while these “secret” student loan forgiveness options could be helpful to some borrowers, for others they may result in tax consequences (see taxes and student loan forgiveness).With PAYE, you will not pay more than 10% of your discretionary income, and your loan will also be forgiven after 20 years.
This program is also sometimes referred to as Obama Student Loan Forgiveness.
If you’re not sure about doing it yourself, then Ameritech can help you find the repayment solution that’s right for you, and potentially restructure your loans so that you can qualify for programs you may not otherwise have qualified for.