top of page

Income Contingent Repayment for Federal Student Loans


Income-Contingent Repayment (ICR) is a repayment plan offered by the U.S. Department of Education for federal student loan borrowers. ICR allows borrowers to make payments based on their income and family size, rather than on the amount borrowed. This can help borrowers manage their monthly payments while they are still in school or during times of financial hardship.


Under ICR, the amount owed on any given month will be adjusted annually, depending on changes in income or family size throughout that year. Borrowers must fill out an application each year to receive an updated payment schedule and submit documentation of their income and other factors such as tax returns or pay stubs. Additionally, any remaining balance after 25 years of consecutive payments will be forgiven under certain conditions; however, this forgiveness applies only to loans taken out after July 1st 1994.




The Law Offices of Omar Zambrano has helped thousands of the people and businesses in the past to get out of debt and start over.



Our goal is to help you find a fresh start FAST!


Schedule your free consultation today! By Calling 626-338-5505 or visiting us at 12738 Ramona Blvd Baldwin Park CA 91706






Comments


Featured Posts
  • Facebook Basic Square
  • Twitter Basic Square
  • Google+ Basic Square

Call 

1.626.338.5505

Email 

Follow

  • Facebook
  • Twitter
  • LinkedIn
  • Instagram
bottom of page