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Colorado Residential Lease Agreement template Form: What You Should Know

Do I qualify for an Income-Driven Payment Plan (IPP)? Yes. In order to qualify for an IPP, you must meet all the eligibility requirements including a credit score of 720 or higher at all times. Your credit score can be checked online.  The IPP is not available for borrowers who have been found ineligible by the Department of Education for participation, or the Federal Family Education Loan (FEEL) Program since 2007. Do I have to make payments each month while on leave or suspension? Generally, most people would not be required to make monthly payments during a leave or suspension. However, some student loan borrowers may have a legal obligation to do so. In most circumstances, people can defer a monthly payment as long as they make at least 10 consecutive monthly payments in a 12-month period.   What does it take to get an income-driven plan approved by SSA? Your loan holder will notify SSA about your student loan discharge request. The SSA will then review and approve your student loan discharge request by the due date of the Notice to Beneficiary (NTSB), if applicable. What are the eligibility requirements for a debt consolidation program? To establish a debt-forgiveness plan, borrowers must meet the following requirements: The applicant must have outstanding loans that were discharged or in repayment under a federal student loan program during the 10-year period following the date of the student loan discharge request. The borrower must have received a notice from SSA that indicates that a debt-forgiveness plan is available and signed an eligibility agreement by the due date of the NTSB. The borrower must have received a default waiver from SSA. The borrower must have qualified for loan deferment under a qualifying plan (in the case of default, SSA will make an income-driven repayment program (IPP) and not allow an income-driven payment option (EPP). If an income-driven plan is approved, your loan holder would transfer you into the IPP and the loan holder (other than the borrower and guaranty agency) would agree to pay the student loan debt. What is an income-driven plan (IPP)? When SSA processes your TEACH Grant application, the loan holder will request the IPP documents from you for you. After your IPP is approved by SSA, you may continue making your regular monthly payments and will not make discretionary payments based on your current level of income.

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