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How Many Income Driven Repayment Programs Are There?

There are a number of different programs. The one(s) that you qualify for is determined by your loan type, status and origination date.
  • Pay As You Earn (PAYE)
  • Revised Pay As You Earn (RePaye)
  • Income Based Repayment Program (IBR)
  • Income Contingent Repayment Program (ICR)
  • SAVE Plan (This Program Is Currently On Hold)

What Types of Loans are Eligible for Income-Based Repayment Plan?

The following loans can be paid back using the income driven repayment programs:
  • All direct loans, subsidized and unsubsidized
  • All FFEL loans, subsidized and unsubsidized
  • Direct and FFEL PLUS loans taken out by students
  • Direct and FFEL consolidation loans taken out by parents (must not include any PLUS loans)
  • Consolidated Federal Perkins loans
Educate. Explain. Guide.

What is loan Forgiveness?

Each of the repayment plans take the borrower’s monthly income and family size into account and caps the monthly payments to an amount that’s affordable to the borrower. Each repayment program provides the borrower with a set repayment term (example: 20 years = 240 monthly payments, 25 years = 300 monthly payments). Once the borrower has completed their term and made that number of required monthly payments while in an income driven repayment program the outstanding balance can be forgiven. Please keep in mind as a borrower you are required to recertify on an annual basis to maintain your enrollment in a program. 
*Borrowers who qualify for Public Service Loan Forgiveness (PSLF) will still be placed in one of the four programs and their payment will still be based on their income and household size; however they will have a set term of 10 years/120 monthly payments to receive Public Service Loan Forgiveness.
Who We Are
We are a private company that has your best interest in mind when it comes to choosing a repayment plan that best fits your budget and lifestyle. We are a team of knowledgeable student loan advisers who know the ins and outs of the student loan financial system. Many members of our team are clients themselves. Our goal is to get your monthly payment as low as possible so that you can focus on the things in your life that matter.
What We Do
We go above and beyond to gain a thorough understanding of each client's unique needs to ensure an exceptional customer experience. This helps to ensure our clients end up in a program that yields the lowest possible payment with the shortest possible term to maximize the amount of forgivenss they qualify to receive.
Why We're The Best
Graduate Alliance Group offers expert financial advice and helps educate borrowers on their loan forgiveness options for borrowers who can’t afford their current monthly payments. Unlike our competitors, we offer a FREE one on one consultation with a 100% service guarantee to get you into the best possible plan for your financial situation.

lOAN FORGIVENESS

Public Service Loan Forgiveness

Public Service Loan Forgiveness (PSLF) is a student loan discharge program that is designed to encourage fresh graduates and young professionals join and continue serving public service institutions. Under this program, individuals who are a part of public service and who have made 120 income-based loan repayments can get a waiver on outstanding student loan debt.
What Is Teacher Loan Forgiveness?

Teaching is a profession that demands a great deal of responsibility and skills, but a career in this field is filled with numerous personal and professional growth opportunities. In addition to this, the US Government offers special rewards to individuals who serve as a teacher at a low-income school in the form of Teacher Loan Forgiveness Program (TLFP).

What is Total and Permanent Disability (TPD) Discharge?

TPD Discharge offers loan forgiveness to applicants on the basis of their complete and permanent disability to work. Under this program, all Federal Direct loans, FFEL loans, and Federal Perkins loans can be discharged. To be eligible for loan forgiveness, the applicant must get a certificate of disability from a registered physician to prove that they are completely disabled and cannot work and earn money to repay their student loan debt.
Do veterans qualify for loan forgiveness?

If you're a veteran, you can qualify for a TPD discharge by providing documentation from the VA that shows you have received a VA disability determination because you (1) have a service-connected disability that is 100 percent disabling; or (2) are totally disabled based on an individual unemployability rating.
School Closure Discharge
This program is for borrowers who could not complete their program of study because the school closed while they were enrolled or within 90 days of their dropping out.
Discharged due to death
In the unfortunate case of the passing of the borrower, the borrower’s family can have the borrower’s loans discharged. Acceptable documentation includes an original death certificate, a certified copy of the death certificate, or an accurate and complete photocopy of one of those documents.
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