How to Participate in IBR

IBR is a new student loan repayment program started in July of 2009. In college students may take out student loans that are larger than they can handle. But there are no repayment requirements until after graduation. This means the debt can really pile up. Once a student graduates, the payments may take all of their initial career earnings.

This problem literally keeps people living below the poverty level. Children may end up suffering because their families do not have enough to live on. It can also destroy relationships and marriages. It can prevent people from achieving their potential because they are spread too thin.

To deal with this issue, the federal government has developed a program called IBR. IBR means income based repayment. The program uses a sliding scale system to set payments depending on income and the size of your family. This helps borrowers stay above the poverty line and provide for their families.

IBR represents a great opportunity. The programs provides repayment options that are feasible. There are also other attractive elements to IBR. For example, you have the option of remaining in IBR for 25 years. Your debt may be cancelled at the end of this term.

It should not be surprising that there is some paperwork involved in IBR. You also have to reevaluate your income each year. Of course the size of your family can change too. Your payments cannot exceed 15 percent of the amount over the poverty line that you earn. It is possible that at some point you may be below the poverty level for your family size. Should this occur then you would pay nothing. This will help keep your debt under control.

A lot of people are interested in getting involved in IBR. They are worried that they are ineligible due to participation in other programs. But lots of programs will credit your work with them toward IBR. So it’s unlikely you would lose ground by switching over. Also, participating in IBR does not rule out student loan forgiveness. You can still get forgiveness based on public service while paying through IBR.

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