7 Aug 2023 9:51 am
I know that. There are several types of IDR plans (I think 4) and all balances are forgiven after 20-25 (depending when the loan was taken). There is an exception related to "public service" that allows forgiveness after 120 continuous payments for qualified employment. I stand by what I said, if there was a record keeping error by the government, those loans should be forgiven if all mandated conditions were met.BuckNaked » 07 Aug 2023, 9:20 am » wrote: ↑ Income-Based Repayment (IBR) is a program that caps your monthly student loan payment at an affordable level based on your income, and then forgives whatever you still owe after 20 or 25 years. IBR is a type of income driven repayment plan (IDR) for federal student loans.
Now, this would do nothing for students with private student loans as only federal student loans are eligible for any type of IDR.