Repayment Plans

student loans

Many people have heard about their deferment and forbearance options for federally-guaranteed loans, but are not aware of the Income-Based Repayment program (IBR). IBR can help you get an affordable monthly payment depending on your income, and after 25 years of payments, any remaining balance is forgiven (see blog post Debt Relief for Student Loan Borrowers).

To find out which of your loans are eligible for IBR, go to the website for National Student Loan Data System and sign up. Any loans you find there are federally-guaranteed and therefore eligible to be included in the Income-Based Repayment program.

If you have a collector contacting you about student loans, they may try to get you to agree to a payment plan that is not in your best interest. We can help you understand your loans and all of the repayment options that are available to you so you can make an informed decision.

Please note that private student loans are not eligible for IBR or any other federal program. To enforce a private student loan, the creditor must file a lawsuit against you. Don't presume that you have no defenses if you are being sued. The lender must prove that it owns the loan and must sue within a certain time frame. Contact us immediately if you are being sued or are in default on your private loan.

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