With the recent election and Trump’s ascendence into the presidency, a lot of people with student loan debts are wondering what awaits them in the future. The truth is… no one really knows what changes are coming. But what we, at Nationwide Student Loan, do know is that RIGHT NOW there are solutions that can help alleviate the burden of student loan debt for many of you. For instance, did you know that you can qualify for an income driven solution?

Generally, your payment amount under an income-driven repayment plan is a percentage of your discretionary income (for Income-Based Repayment, Pay As You Earn, and loan rehabilitation, discretionary income is the difference between your income and 150 percent of the poverty guideline for your family size and state of residence. For Income-Contingent Repayment, discretionary income is the difference between your income and 100 percent of the poverty guideline for your family size and state of residence. The poverty guidelines are maintained by the U.S. Department of Health and Human Services and are available at www.aspe.hhs.gov/poverty.). The percentage is different depending on the plan. The chart below shows how payment amounts are determined under each income-driven plan. Depending on your income and family size, you may have no monthly payment at all.

Income-Driven Repayment Plan Payment Amount
REPAYE Plan Generally 10 percent of your discretionary income.
PAYE Plan Generally 10 percent of your discretionary income, but never more than the 10-year Standard Repayment Plan amount
IBR Plan Generally 10 percent of your discretionary income if you’re a new borrower on or after July 1, 2014*, but never more than the 10-year Standard Repayment Plan amount

Generally 15 percent of your discretionary income if you’re not a new borrower on or after July 1, 2014, but never more than the 10-year Standard Repayment Plan amount

ICR Plan The lesser of the following:

  • 20 percent of your discretionary income or
  • what you would pay on a repayment plan with a fixed payment over the course of 12 years, adjusted according to your income

There are more details to consider (such as qualifying for this, what constitutes a new borrower and more) but the first step is easy: call us. We’ll walk you through this step by step and find the best source of financial relief for you. At Nationwide Student Loan, this is what we specialize in.