Students borrowers: Hope for income-driven repayment plan unveiled

All students borrowers interested in having a plan to organize their loans should check the Income-Driven Repayment.

The Income-driven repayment is a plan designed to make your student debt more manageable by reducing your monthly payment amount.

According to Federal Student Aid, you can get help to organize your payment plan.

Who is eligible?

Most federal student loans are eligible for at least one income-driven repayment plan.

The Income-driven repayment helps student borrowers that have higher debt than income. It is intended to be affordable based on your income and family size.

Who can apply for it?

If you need to make lower monthly payments or if your outstanding federal student loan debt represents a significant portion of your annual income, one of the following income-driven plans may be right for you.

Student loans borrowers who don’t have an IDR Plan and are seeking a lower monthly payment on their federal student are eligible.

Also, borrowers on an IDR Plan who need to re-certify or make changes to their repayment plan can apply for a different plan.

There is no application fee to complete an Income-Driven Repayment Plan request. You may be contacted by private companies that offer to help you apply for Income-Driven Repayment, for a fee.

The IDR Plan has no affiliation with the U.S. Department of Education (ED) or ED’s Federal Loan Servicers.

income-driven repayment

What’s the IDR Plan about?

The Income-Driven Repayment Plan generates your payment amount under an income-driven repayment plan as a percentage of your discretionary income.

The percentage is different depending on your income and family size, you may have no monthly payment at all.

To apply for the Income driven repayment plan, CLICK HERE

Top 15 Fake Loan Apps In Nigeria 2022

Many of these fake loan apps do not have any physical office address, do not have a website, some don’t even have any online presence yet they found their way somehow into Google Play Store and get into scamming poor Nigerians of their hard earned money. Google should bring down and clampdown on more of these loan apps once they are discovered to be violating its set down policies.

The following form our list of top 15 fake loan apps in Nigeria. We advise borrowers and customers to avoid them at all cost. Many have been scammed and defrauded, and their bank accounts illegally debited by these fradulent digital lending apps.

  1.  NairaPlus
  2.  BorrowNow
  3.  LCredit
  4.  9ja Cash
  5. Cash Wallet
  6. GGMoney
  7.  9Credit
  8.  Sokoloan
  9.  Palmcash
  10.  Ease Cash
  11.  ForNaira
  12.  GotCash
  13. Ncash
  14.  GotoCash
  15. FastMoney

READ ALSO! CBN unveils business loans at 5% (N5m individuals, N25m corporate) for graduates, undergraduates

READ ALSO! Quick online loan scams: Top 7 ways to avoid falling victim

READ ALSO! Data Breach: EFCC, CBN, NITDA, FCCPC To Crack Down On Rogue Loan Apps

READ ALSO! CBN ‘100 Companies Every 100 Days’ Loan Fixed At Maximum N5bn At 5%

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About the Author: Femi Adeoya

Mr Femi Adeoya is a Chartered Forensic Accountant and a Certified Fraud Examiner. He has over 20 years professional work experience in accounting, finance and business management processes. As an Accounting Software Expert, he has implemented and supervised accounting solution set up of over 50 small and medium businesses in Nigeria. As a passionate blogger, Mr Adeoya is an ardent writer and communicationist. He is the CEO of QUICK LOAN ARENA (quickloanarena.com), the number 1 loan apps review website in Nigeria. He is very passionate about the quick and instant loan industry in Nigeria and has written over 200 reviews on different loan apps and digital banks in Nigeria, USA, Canada and UK.

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