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What is Income-Based Repayment (IBR)?

April 26, 2017IBR income-based repayment

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What is Income-Based Repayment (IBR)?

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As part of the College Cost Reduction and Access Act of 2007 (CCRAA) a new repayment option for federal loans called Income-Based Repayment (IBR) was introduced. IBR can significantly reduce monthly payments for high debt/lower income borrowers. IBR became available July 1, 2009.