How do I get started with the Income-Based Repayment Plan?
The Income-Based Repayment plan is a new payment option for student loan borrowers, intended to help those who have a high debt level compared to their income. It was created to help people who have a hard time making their student loan payments in a typical 10-year repayment plan. If you have federal student loans, such as Stafford or GradPLUS loans, you may be able to reduce your monthly payments. You may even be able to eliminate your student loan payments altogether, depending on your income and the size of your family.
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