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If your payments are not large enough to cover the interest that has accumulated on your loans, the unpaid amount will be capitalized once each year. However, capitalization will not exceed 10 percent of the original amount you owed when you entered repayment. Interest will continue to accumulate but will no longer be capitalized. The maximum repayment period is 25 years. If you haven’t fully repaid your loans after 25 years under this plan, the unpaid portion will be discharged. You may, however, have to pay taxes on the amount that is discharged.
In all income-driven repayment plans, the amount of your monthly payment will be calculated on the basis of the money you make, not the money you owe—specifically, your payment will be based on your discretionary income. Generally speaking, discretionary income is the amount of money you have to spend each month after you pay for the essentials, like rent, utilities, and food. While you can’t really decide not to pay your rent in a given month, you can decide not to go shopping for new clothes—the clothes portion is discretionary. Rather than try to figure out what each person’s expenses are essential compared with their discretionary income, the federal government has a way of calculating your discretionary income: They start with your adjusted gross income (i.e., the income, after all legitimate deductions, on which your federal income tax is calculated, also referred to simply as AGI). Then they subtract 150% of the federal poverty line for your family size. The difference between your AGI and 150% of the federal poverty line for your family size is your discretionary income—and that’s the number that will form the basis for calculating your monthly loan payment.
Thank you all so very very much!!!!
It is such a relief to get out from underneath this loan. It has weighted on my heart for a while. Other agencies that I have tried I could not do what you have done and I am greatly appreciative.
So, thank you again. God bless you. Have a great week!
Thank you, Thank you, Thank you both for ALL your help!
Kimberly D Comeau
Just wanted to let you know that I was in a big dilemma before starting this process. The rehab program was very quick and easy and really made a difference with my monthly payments. I am so appreciative of Lisa. She made this process very easy and always responded to any questions that I would have. I could not thank her enough for going through this process with me. You are very lucky to have such a wonderful person working for your company.
I really , really appreciate all u have done on my behalf. Thank u so much , what a blessing u have been to me; I will be sure to pay it forward one day :))
Hello Carolyn! I just want to thank you for setting up this workshop! It was a success. I especially want to thank your representative, Estee, for coming to P.S. 226 to help the staff. I received compliment after compliment on his professionalism and detailed knowledge. I look forward to working with you next year!
We specializes in federal student loan document preparation and processing services to help each borrower identify and apply for approval for one or multiple different government student loan repayment programs. Once your financial analysis is complete, our agents will help you find and apply for a repayment solution that you feel works best for you and fits your specific financial situation and goals
We are a private company, not affiliated with the government or the Department of Education. We work strictly on behalf of the borrower, for the borrower, with only the borrower’s best interest in mind.
We assist in identifying appropriate government loan repayment programs and assist in document preparation to apply for the programs. Any fees that you pay to us are for its services and you are responsible for repaying your loan separately.
Do it yourself without a fee – all programs are freely available for enrollment through the Department of Education.
While you could research and apply for the repayment programs on your own through the Department of Education, we find that a significant number of borrowers either don’t have the time or are too anxious to go through the process on their own and simply want someone with more experience to hold their hand. One could think of it like preparing and filing tax returns. While we are all permitted to do so on our own, most taxpayers get help from third parties that they pay to assist them.
To the extent that you set aside funds for our services, we are not allowed to collect them until after we have completed our work and you have made a payment on your new repayment program.