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All UFCU locations will be closed Monday Nov 11, 2023, for Veterans Day. We will resume normal hours Tuesday, Nov 12. Read More
Learn if you qualify to take advantage of Income-Based Repayment (IBR) plans.
Student loans are a sad reality for many college graduates. For those who go on to enter the workforce, starting salaries might be insufficient to pay back student loans within a reasonable timeframe.
There are many federal programs to help manage your student loans (including PAYE, REPAYE, Income-Based Repayment (IBR) plans, and Income Contingent Repayment (ICR) plans). This article will walk you through the nuts and bolts of IBR. And to get you started, we’re providing a list of questions you might consider as you begin your research or consult an advisor about whether IBR is right for you.
Pros
Cons
IBR is just one of several income-driven repayment plans. Do your homework, and consult with a professional who understands your personal situation before you make any final decision about repayment plans.
1 Non-deposit investment products and services are offered through CUSO Financial Services, L.P. (“CFS”), a registered broker-dealer (FINRA/SIPC) and SEC Registered Investment Advisor. Products offered through CFS: are not NCUA/NCUSIF or otherwise federally insured, are not guarantees or obligations of the credit union, and may involve investment risk including possible loss of principal. Investment Representatives are registered through CFS. (OR “The credit union”) has contracted with CFS to make non-deposit investment products and services available to credit union members. CFS does not provide tax or legal advice. For such guidance, please consult a qualified tax and/or legal advisor.
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