Posts Tagged ‘Income Contingent Repayment,’

About Income Contingent Repayment (ICR) Plan

The ICR Plan gives borrowers the flexibility to meet their obligations without causing them financial hardship. Monthly payments are based on borrowers’ annual Adjusted Gross Incomes (AGI), loan balance and family sizes. Income is obtained from the Internal Revenue Service (IRS) or from an  Alternative Documentation of Income Form  (discussed below) submitted by the borrowers. [...]