Income-Contingent Repayment Plan

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This plan is applicable to various types of loans, including Direct Loans (both Subsidized and Unsubsidized), Direct PLUS Loans, and Direct Consolidation Loans.

Payments are calculated to be less than around 20% of your discretionary income. It's essential to keep your income and family size information updated, even if there are no changes. In case these factors do change, your payments will be adjusted and recalculated accordingly.

For married couples, if you file taxes jointly or choose to jointly pay your Direct Loans with your spouse, both your incomes will be factored into the discretionary income calculation.

After 25 years, any remaining loan balance will be forgiven. This plan is particularly suitable for those aiming to apply for the Public Service Loan Forgiveness (PSLF) program.

However, it's important to note that over time, you may end up paying more compared to the 10-year Standard Repayment Plan. Additionally, there's a possibility of income tax being charged for any forgiven outstanding balance.

If you're a parent borrower, you have the option to consolidate your Parent PLUS loans into a Direct Consolidation Loan. Please feel free to contact us for further clarification or information on this plan.