income-based repayment (IBR), details

The Department of Education recently announced that the changes to federal income-based repayment (IBR) and income-contingent repayment (ICR) plans have been finalized. The new Pay-As-You-Earn program simplifies the older methods, making plans more accessible and affordable. According to a statement from the Project on Student Debt, the Pay-As-You-Earn program will help lower monthly payments and help prevent student borrowers from defaulting on loans.

“With graduates from the Class of 2012 starting to face their first student loan payments this month, today’s news could not be more timely,” said Lauren Asher, president of the Institute for College Access & Success (TICAS), which is home to the national Project on Student Debt, in the statement.


About defaultprevention

Default Prevention Specialist since 1998.
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