What if I choose IBR and later decide to switch to a different plan?
You can change repayment plans at any time. However, any unpaid interest that has accumulated in IBR would be capitalized when you switched out of the program, which means it will be added to your total loan amount. Also, current regulations require that when you leave IBR, you must go into a 10-year standard payment plan (or longer for a consolidated loan), minus the number of years you were in IBR. If a standard plan is not affordable, you can switch to another plan, but you can only return to IBR if you have a “partial financial hardship”.
Related Questions
- If I buy a particular LaneFX edition but later decide I need a different edition with more features, do I have to buy a whole new LaneFX system?
- If I join the Defined Contribution (DC) plan, can I later decide to switch to the Defined Benefit (DB) plan?
- What if I start off with the "For Sale by Owner" program and later want to switch to a different program?
