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Chase Tip: The final repayment option for repayment plans of an education loan is the income contingent plan. Your monthly payments are calculated based on your current income and are set based on a term up to 25 years. If a balance remains at the end of the 25 year term of your education loan, the remaining loan balance is discharged.
Does anyone know if this is true, and if there are any other tips/websites/persons that can be contacted to learn more about the repayment plan options (besides what consolidation companies already provide.
Check out this website http://studentaid.ed.gov/PORTALSWebApp/students/english/OtherFormsOfRepay.jsp which verifies this information.
|Jennifer Mathes, Ph.D.|