Take a quiz on the Income Based Repayment Plan.
First, a basic definition:
Income-Based Repayment Plan (IBR)
“… a repayment plan for the major types of federal student loans that caps your required monthly payment at an amount intended to be affordable based on your income and family size.”
It’s a short quiz. I got all the answers right, but I have to admit I guessed on one question. Apparently I need to read up on the Pay as You Earn Repayment Plan.
- Not enough borrowers take advantage of Income Based Repayment’s ‘mind-boggling’ generous benefits (Cost of College)
- Income Based Repayment (IBR) is a ‘moral hazard’ for high-income student loan borrowers (Cost of College)