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Income Based Repayment - Are Grad Plus Loans Eligible

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Citizen Jimserac

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Sep 3, 2009, 10:51:05 AM9/3/09
to

Are Grad Plus Loans eligible for Income Based Repayment? I was just
told verbally by a Sallie Mae functionoid that they are not but
everywhere on the web says they are.

Also, what is the difference between Income Sensitive Repayment and
Income Based Repayment (the new option which became available July
2009)?

Thanks
J

Steve Blank

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Sep 3, 2009, 3:43:19 PM9/3/09
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The Income Contingent plan and the Income Sensitive plan are somewhat
similar, but the first is for student loans (Stafford/Perkins)obtained
through the Federal Direct loan program (the government makes the loan),
and the other for those same loans taken through banks such as Sallie
Mae under the FFEL program (the government guarantees the loan).

You'll find an explanation of the two plans at www.finaid.org.

Income based, or income contingent, is at
http://www.finaid.org/loans/icr.phtml

Income sensitive at http://www.finaid.org/loans/isr.phtml

Federal Direct Grad PLUS loans are eligible for the Income Contingent
plan as of 7/1/09 per the third to last paragraph on the income
contingent page. I could not determine if this also applies to Grad PLUS
loans taken through banks.

Steven B. Blank
College Financial Aid Consultants
29 Ives Hill Court
Cheshire, CT 06410
(203)250-7761

Citizen Jimserac

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Sep 4, 2009, 11:46:36 AM9/4/09
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On Sep 3, 3:43 pm, Steve Blank <st...@randallblank.com> wrote:
> The Income Contingent plan and the Income Sensitive plan are somewhat
> similar, but the first is for student loans (Stafford/Perkins)obtained
> through the Federal Direct loan program (the government makes the loan),
> and the other for those same loans taken through banks such as Sallie
> Mae under the FFEL program (the government guarantees the loan).
>
> You'll find an explanation of the two plans atwww.finaid.org.
>
> Income based, or income contingent, is athttp://www.finaid.org/loans/icr.phtml
>
> Income sensitive athttp://www.finaid.org/loans/isr.phtml

>
> Federal Direct Grad PLUS loans are eligible for the Income Contingent
> plan as of 7/1/09 per the third to last paragraph on the income
> contingent page. I could not determine if this also applies to Grad PLUS
> loans taken through banks.
>
> Steven B. Blank
> College Financial Aid Consultants
> 29 Ives Hill Court
> Cheshire, CT 06410
> (203)250-7761
>
> On 9/3/2009 10:51 AM, CitizenJimseracwrote:
>
> > Are Grad Plus Loans eligible for Income Based Repayment?  I was just
> > told verbally by a Sallie Mae functionoid that they are not but
> > everywhere on the web says they are.
>
> > Also, what is the difference between Income Sensitive Repayment and
> > Income Based Repayment (the new option which became available July
> > 2009)?
>
> > Thanks
> > J


Thanks for the links! This stuff really gets tricky to read and
understand
and your information helps a lot.

Again thanks,
J

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