Am I Eligible For An IDR Plan For My Federal Student Loans?
Income-Driven Repayment (“IDR”) Plans can be an attractive option for federal student loan borrowers. These plans can make monthly payments more manageable, and offer forgiveness after a term of years. Eligibility depends upon a variety of factors, and must be determined on a case-by-case basis.
This flowchart helps guide you if you hold federal student loans through the IDR options that may be available to you, and covers:
Loan type and timing issues
Financial hardship requirements
Monthly payment amounts
Loan repayment terms
Robert J. Pyle, CFP®, CFA, AEP® founded Diversified Asset Management, Inc., in 1996 to provide personalized, comprehensive wealth management services to successful individuals, families, single women, and business owners. His specialty is addressing the complex financial needs of self-employed professionals, corporate executives, and small-business owners. Our disclosure can be found here. The views, opinion, information, and content provided here are solely those of the respective authors, and may not represent the views or opinions of Diversified Asset Management, Inc. Diversified Asset Management, Inc. cannot guarantee the accuracy or currency of any such third party information or content, and does not undertake to verify or update such information or content. Any such information or other content should not be construed as investment, legal, accounting, or tax advice.