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GRADUATED Repayment Plan: If client’s income is low now, but client expects it to increase steadily over time, this plan may be right for them.This option is especially ideal for individuals that are just starting with their career.Once the client is initially qualified for IBR, the client may continue to make payments under the plan even if the client no longer has a partial financial hardship.Payments are typically lower on this plan, and the terms are calculated over a period of 25 years. Under this plan, monthly payments are a fixed amount of at least each month, and made for up to 25 years. For this reason, client will pay the least amount of interest over the life of the loan.If this directory is not available before May 1 of any year, the previous year’s directory may be used.
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If the monthly IBR payment amount doesn’t cover the interest that accrues (accumulates) on the loans each month, the government will pay the unpaid accrued interest for up to three consecutive years from repayment of the loan under this plan.
If the client repays under IBR for 25 years, any remaining balance will be canceled.
Payments start out low and increase every two years for a 25 year period.
INCOME BASED Repayment (IBR) Plan: To qualify for IBR, the client must have a partial financial hardship.