College Cost Reduction and Access Act – Income-Based Repayment


Comprehensive information about the Income-Based Repayment plan including which borrowers are eligible, what you can expect your payments to be, and how to sign up. Tools include calculators, downloadable worksheets, podcasts and an interactive forum.

Income-Based Repayment is a new repayment plan established by the College Cost Reduction & Access Act that can substantially reduce monthly student loan payments. Typically, borrowers who earn less than they owe in federal student loans will be eligible to choose Income-Based Repayment. The good news is that for most borrowers payments will be less than 10 percent of income.

Partial Financial Hardship

A Partial Financial Hardship exists when the annual amount due on all of a borrower’s eligible loans, as calculated under a standard 10-year repayment plan, exceeds 15 percent of “discretionary income.”

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