Federal college loan borrowers have several repayment plan options. One option—Income-Based Repayment (IBR)—is about to get simpler. Under IBR, required monthly payments are capped based on income and family size. Previously, applicants had to enter their income tax data onto the application. Now, the Department of Education is collaborating with the IRS so applicants can import their tax return data directly into the IBR application and submit it online. This will allow borrowers to complete the application in one sitting.
Visit http://studentaid.ed.gov/repay-loans/understand/plans/income-based for more information.
Please contact Martini, Iosue & Akpovi by phone at (818) 789-1179 if you have questions or want more information.