Student-loan borrowers with higher debt loads are more likely to get forgiveness through income-driven plans — but they'll have to pay 'exorbitant interest,' report finds
are one of the most common ways student-loan borrowers opt to pay off their debt burdens, given the plans are intended to craft financially feasible monthly payments.
As Insider previously reported, IDR plans allow borrowers to enroll in a plan where monthly payments are set at a portion of their income, and depending on the types of loans they have, the repayment period is either 20 years, for undergraduate debt, or 25 years, for consolidated loans that include graduate debt. And after that repayment period is completed, those borrowers are supposed to have their remaining balances wiped out.
Only borrowers with starting salaries of $20,000 to $30,000 will ever see their debt forgiven after 20 years of payments.
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