Income-based Repayment and Loan Forgiveness

Marlboro College recognizes that, depending on your employment circumstances, repaying loans can be difficult. There are two programs that may be helpful to you.

Income-Based Repayment

Income-Based Repayment (IBR) (link) is a repayment plan for the major types of federal student loans. The plan caps your required monthly payment at an amount intended to be affordable, based on your income and family size. You may qualify for IBR if your federal student loan debt is high relative to your income and family size. While your lender will perform the calculation to determine your eligibility, you can use the Department of Education's IBR calculator (link) to estimate if you would likely benefit from the IBR plan.

Any Stafford, Grad PLUS, or Consolidation loan made under either the Direct Loan or FFEL program is eligible for repayment under IBR, EXCEPT loans that are currently in default, parent PLUS Loans, or consolidation loans that repaid a parent PLUS Loan. The loans can be new or old, and for any type of education (undergraduate, graduate, professional, job training).

Public Service Loan Forgiveness

Many Marlboro College graduates go on to work at nonprofits or other form of public service. If you work in public service (including nonprofits) and have reduced loan payments through IBR, your remaining balance after 10 years in a public service job could be cancelled if you made loan payments for each month of those ten years. Work with 501(c)(3)s, government agencies, and other not-for-profit enterprises may qualify. For more information about this program, review the Department of Education’s Public Service Loan Forgiveness Program Fact Sheet.