Suppose my IBR payment exceeds the Standard (ten-year) Repayment amount and I am no longer eligible for IBR payments. What are my choices?
You may remain in IBR and continue paying your Federal loans on the Standard (ten-year) Repayment Plan. If you are planning to take advantage of the Federal Public Service Loan Forgiveness Program, you should follow this approach. Or, you may exit IBR. If you exit IBR, your new monthly payment will be based on the amount of debt remaining amortized over the number of months remaining in the original ten-year period when your loans first entered repayment. You must remain on this ten-year plan for at least one billing period; then you can switch to a different plan (e.g., Extended Repayment–25 years). But, if you paid under IBR for 5 years, your payments under the Extended Plan will be amortized over the remaining 20 years.
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