Consolidating parent plus student loans
PAYE will generally be 10% and never more than what you’d pay on the standard 10-year repayment plan.
ICR will generally be 20% or what you would pay on a repayment plan adjusted to your income with fixed payments for 12 years.
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While we make an effort to include the best deals available to the general public, we make no warranty that such information represents all available products." Income-driven repayment plans provide a way for student loan borrowers to seek a little relief from the burden of debt.
[How to Set Up Income-Driven Repayment Plans] ICR is the loosest of the three income-driven repayment plans and therefore also has the longest repayment period before forgiveness and the highest payments.
IBR payments (for borrowers before and after July 1, 2014) will either generally be 15% or 10% of discretionary income and never more than what you’d pay on the standard 10-year repayment plan.
ICR also doesn’t have income caps in order to enroll, anyone with eligible student loans can make payments with this plan.The Parent PLUS loan itself is not eligible for ICR, but you could use Federal Direct Consolidation in order to enroll in ICR.Magnify Money is an independent, advertising-supported comparison service which receives compensation from some of the financial providers whose offers appear on our site.We do not let compensation from our advertising partners impact the order in which products appear on the site.
There are four income-driven repayment plans: Each plan comes with stipulations about which borrowers and which loans are eligible based on dates of disbursement, income and type of loan.
Parent PLUS loans are only eligible for ICR, but not in their current state.