When it comes to federal student loans, many programs exist to help you find an affordable repayment plan. One category of repayment plans is based on your debt to income ratio.

These plans are designed to cap your required monthly payment at an amount that is affordable based on your income and family size. There are three plans in this category:

These plans differ somewhat.  For example, you must have a partial financial hardship to get into the IBR Plan initially and to continue to make income-based payments.

Even better, with IBR and ICR, after 25 years of qualifying repayment, any remaining loan balance will be forgiven! You may have to pay taxes on the amount forgiven, but the law may change by the time your payment plan ends.

If you live in New Jersey and are struggling with payment on federal student loan debt, I may be able to be of assistance. Just download this questionnaire, fill it out, and then fax it to me at 856-686-9911 or e-mail it to me. I will then review it and contact you to discuss options and possible representation.

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Steven J. Richardson
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Bankruptcy, Collections, Student Loan, DUI and Traffic Court attorney in Woodbury, NJ.