IBR and Your Finances
IBR is a brand new student loan repayment program. In college students may take out student loans that are larger than they can handle. However, student loans do not have to be repaid until after graduation. This may result in a serious pile of debt. Upon graduation, a student may be required to pay more than they make each month.
This is highly problematic because it forces families below the poverty line. It can also result in children being compelled to go without. It can also destroy relationships and marriages. People may never be able to rise above this debt because they are spread too thin.
To deal with this issue, the federal government has recently released a program called IBR. The IBR program is based around income based repayment. The program sets your student loan payments based on your income and the size of your family. This helps borrowers stay afloat and take care of their families.
IBR represents a great opportunity. It provides them with an option for repayment that works. In addition, there are a number of other attractive elements in IBR. For example, you can stay in the program for 25 years. You might be able to have your debt cancelled at the end of this term.
It should not surprise you that there is some paperwork involved in IBR. The program requires yearly income evaluation. Of course your family size might also change. Your payments cannot exceed 15 percent of the amount over the poverty line that you earn. It is possible that at some point you may be below the poverty level for your family size. Should this happen you will pay nothing. This helps keep your debt under control.
A lot of people are interested in getting involved in IBR. They may think that they cannot participate because they use other programs. But most programs are compatible with IBR. It is not likely that you would lose ground by switching over. You can also belong in IBR and still be eligible for student loan forgiveness. Participating in IBR does not make you ineligible for forgiveness based on public service.
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