Why isn income-based repayment available for federal PLUS loans?
Income-based repayment is available for Grad PLUS loans but not Parent PLUS loans. Congress specifically excluded Parent PLUS loans. • I’ve been repaying my student loans for 25 years. Can I switch into the income-based repayment plan and get my loans forgiven now? The forgiveness occurs after 25 years in income-based repayment, income-contingent repayment and/or the economic hardship deferment, not other repayment plans. (Loan payments made under a standard ten-year repayment plan also count, but obviously a borrower who is using the standard repayment plan will have paid off the debt in full in only ten years. This provision is mainly beneficial to borrowers who were previously using income-based repayment but no longer demonstrate a partial financial hardship.) • I’m married. Does income-based repayment base the monthly payment on just my income or is my spouse’s income included? Income-based repayment calculates the monthly payment based on your income as reported on your federal i
