The PAYE plan typically limits your monthly payment to 10% of your discretionary income. The IBR plan, on the other hand, may limit your monthly payment to 10% or 15% of your discretionary income, depending on when you borrowed your loans. However, the PAYE plan is being phased out due to recent legislation.
What documents do I need for IDR?
Documentation will usually include a pay stub or letter from your employer listing your gross pay. Write on your documentation how often you receive the income, for example, twice per month or every other week. You must provide at least one piece of documentation for each source of taxable income.
How long does IDR approval take?
Processing typically takes about 30 days from the date you submit the request.
What is the difference between IBR and ICR repayment plans?
Under ICR, the borrower is responsible for paying all of the interest that accrues on his or her loans. Under IBR, unpaid interest is capitalized only if the borrower is determined to no longer have a partial financial hardship or if the borrower chooses to leave the IBR plan.
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