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This new ICR Bundle, otherwise Earnings-Contingent Fees Package, is available so you can eligible government student loan individuals, just as in the new IBR package, however the distinction is that an ICR Plan is obviously established towards money. Whether your income develops throughout the years, the fresh new payment amount may also increase – although it means a monthly payment that’s greater than this new 10-year Basic Fees Package amount.
The new cost identity having an ICR Bundle is 25 years. You could normally predict your monthly payment amount to become reduced of often 20% of one’s discretionary earnings, or even the fixed percentage number towards the a beneficial several-seasons money-adjusted fees plan.
An ICR Plan is the only income-based option available to Parent PLUS Loan borrowers, but it isn’t offered directly. To take advantage of this option, Parent PLUS borrowers need to consolidate their money into a Direct Consolidation Loan, then certify for an ICR Plan.