Consolidating my sallie mae loans

6854933580_2c8b688306_z

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.

The key difference is that certain loans going back to 2007 qualify for this plan.

You can call them at 1-866-863-3870 or check out their website here.With PAYE, you will not pay more than 10% of your discretionary income, and your loan will also be forgiven after 20 years.This program is also sometimes referred to as Obama Student Loan Forgiveness.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.Here are the student loan repayment plans that qualify for student loan forgiveness: The Income Based Repayment Plan (IBR) is one of the most common repayment plans borrowers switch to if they are having financial hardship.

You must have an account to comment. Please register or login here!