Questions about Income based repayment on student loans.?
Ok so starting July 1st the payments you make on your student loans go off of your income- Cool. But do the Sallie Mae Signature Student-UNSUB Private Loans count as part of the IBR system?
No.
Income-based Repayment is a newly legislated feature of certain federal student loans – the Stafford, the Grad PLUS and the Direct Consolidation loans. It is not available for Perkins Loans or Parents’ PLUS loans, nor is it available for Direct Consolidation loans that included Parents’ PLUS loans.
IBR is definitely not available for any private educational loans.
I’m sorry for the disappointing news. For more information, you can learn about the IBR payment plan here:
