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It has nothing to do with your repayment plan, however, if you're smart, you'll combine IBR or PAYE with PSLF to get the maximum benefit.You can learn more about Public Service Loan Forgiveness here: Top Ways To Get Student Loan Forgiveness, or you can enroll in our 15 minute program to show you how to apply.Under this plan, your payments will be the lesser of the following: With the ICR plan, your loans will be forgiven at the end of 25 years.It's important to note that with this plan, your payments could end up being higher than the standard 10 year repayment plan.
This program is also sometimes referred to as Obama Student Loan Forgiveness.
On this plan, you will make payments for 25 years, and at that point, your loans will be forgiven.
If you are a borrower with loans July 1, 2014, your loan will not exceed 10% of your discretionary income, and the loan will be forgiven after just 20 years.
Check out the Public Service Loan Forgiveness Training.
It's important to note that while these “secret” student loan forgiveness options could be helpful to some borrowers, for others they may result in tax consequences (see taxes and student loan forgiveness).