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With IBR, you loan repayment will never exceed the payment of the 10 year standard repayment plan, and your loan will also be forgiven at the end of the term.The actual amount of your “discretionary income” is determined by a formula based on your family size and income tax returns.This article contains references to products from one or more of our advertisers.We may receive compensation when you click on links to those products.But this statistic is misleading, because a lot of borrowers think this means qualifying for some type of student loan forgiveness program. Actually, most borrowers qualify for student loan forgiveness through one of these “secret” ways.The secret is simple: sign up for a qualifying student loan repayment plan, and your loan will be forgiven at the end of the plan. What's even better is that your income could be low enough to qualify for zero or minimal repayment, at which your loan will be forgiven at the end.
If you have loans from July 1, 2014, you payment will not be higher than 15% of your discretionary income.
The Re PAYE plan also includes an interest subsidy that would help cover 50% of the interest in cases where the new payments cannot keep up with the accruing interest.
You can learn more about how Re PAYE is helping borrowers here.
On this plan, you will make payments for 25 years, and at that point, your loans will be forgiven.
If you are a borrower with loans July 1, 2014, your loan will not exceed 10% of your discretionary income, and the loan will be forgiven after just 20 years.
has a great calculator that can help determine the amount.