Start Consolidating plus student loans

Consolidating plus student loans

You’re usually eligible for a consolidation loan if you stop attending school for any reason or if your enrollment drops below half-time.

In IBR, your monthly payment changes depending on your income and family size (defined as number of dependents plus spouse).

You only need to reach partial financial hardship status once in order to qualify for a switch to IBR, so if your financial situation improves that will increase your payment amount but not render you ineligible for IBR.

The Income-Based Repayment Plan The Income-Based Repayment Plan (IBR) is structured to lower your monthly payment amount in order to keep your loan out of default.

It has one unique requirement for eligibility: your financial situation must qualify as a , meaning your monthly repayment amount as calculated under the Standard Repayment Plan, using a loan term of ten years, is higher than your monthly repayment amount as calculated under the IBR.

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If you have one $100 loan and one $1,000 loan, the weighted average will be closer to the rate on the $1,000 loan. Department of Education (your lender) to service your loan, called the loan servicer, will let you know when payment is expected.