{"id":2070,"date":"2011-07-18T15:17:03","date_gmt":"2011-07-18T20:17:03","guid":{"rendered":"https:\/\/nybankruptcy.net\/main\/?p=2070"},"modified":"2018-11-27T07:58:43","modified_gmt":"2018-11-27T07:58:43","slug":"income-based-repayment-plans-for-student-loans-in-10-points-part-1-of-2","status":"publish","type":"post","link":"https:\/\/nybankruptcy.net\/main\/income-based-repayment-plans-for-student-loans-in-10-points-part-1-of-2\/","title":{"rendered":"Income-Based Repayment Plans for Student Loans in 10 Points (Part 1 of 2)"},"content":{"rendered":"

Aside from mortgage debt, one of the more common problems New York debtors face is student loans.<\/p>\n

These debts can be challenging for debtors to deal with because in 1998 the federal government subjected all federally backed student debt to the undue hardship test for bankruptcy dichargeability. In 2005, it extended it to private student loans. \u201cUndue hardship\u201d means debtors must show the bankruptcy court that there is no possibility they will be able to work again to pay off the debt.<\/p>\n

For many people seeking bankruptcy protections, relief from student debt and a fresh start are all but impossible. Fortunately, Congress changed the lending laws to allow debtors to pay back government-backed student loans based on their income. The program, called Income-Based Repayment (IBR), has many benefits.<\/p>\n

(1) \u00a0It allows debtors to consolidate most federal loans created under the Direct Loan and FFEL Program:<\/p>\n

a. \u00a0\u00a0\u00a0\u00a0\u00a0Stafford Loans
\nb. \u00a0\u00a0\u00a0\u00a0PLUS Loans
\nc. \u00a0\u00a0\u00a0\u00a0\u00a0Consolidation Loans<\/p>\n

(2) \u00a0However, IBR does not allow the following loans to be consolidated into the plan:<\/p>\n

a. \u00a0\u00a0\u00a0\u00a0\u00a0Parent PLUS Loans
\nb. \u00a0\u00a0\u00a0\u00a0Consolidation Loans repaying Parent PLUS Loans
\nc. \u00a0\u00a0\u00a0\u00a0\u00a0Loans in default.<\/p>\n

(3) \u00a0Even though it has only existed since 2009, loans that were issued before the advent of IBR are eligible, as are loans for any kind of education (undergraduate, graduate, professional, and any others)<\/p>\n

(4) \u00a0How does it work? The U.S. Department of Education uses income, family size, and state of residence to determine what the debtor\u2019s monthly payments are. If the calculation is below the debtor\u2019s current monthly payment rate, then he or she is eligible.<\/p>\n

(5) \u00a0People who file joint federal income taxes with their spouses can have their spouses\u2019 IBR-eligible loans included in the repayment calculation. This means that if the two of you are together making monthly payments greater than the IBR calculation, then you will have your combined monthly rate reduced under IBR.<\/p>\n

Many student debtors are unaware of IBR, but consulting with an experienced New York bankruptcy attorney can help you determine eligibility and help you get control over your other debts.<\/p>\n

For more questions about student loans, mortgage debt, and other consumer debt, please feel free to contact<\/a> experienced Business Bankruptcy Lawyer<\/a> Bruce Weiner for a free initial consultation.<\/p>\n","protected":false},"excerpt":{"rendered":"

Aside from mortgage debt, one of the more common problems New York debtors face is student loans. These debts can be challenging for debtors to deal with because in 1998 the federal government subjected all federally backed student debt to the undue hardship test for bankruptcy dichargeability. In 2005, it extended it to private student …<\/p>\n

Income-Based Repayment Plans for Student Loans in 10 Points (Part 1 of 2)<\/span> Read More \u00bb<\/a><\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"default","ast-global-header-display":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":""},"categories":[16,7],"tags":[2,21,32,69,54,51,52,161,35,87,55],"acf":[],"yoast_head":"\nIncome-Based Repayment Plans for Student Loans in 10 Points (Part 1 of 2)<\/title>\n<meta name=\"description\" content=\"Aside from mortgage debt, one of the more common problems New York debtors face is student loans. 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