Income Based Repayment

Fannie Mae & Freddie Mac – Student Loans – IBC: What payment is used for Fannie & Freddie for an income-based repayment [IBC] student loan? [Student Loan Chart – Student Loan Lunch & Learn]

Answer: Fannie Mae B3-6-05 Student Loans If a monthly student loan payment is provided on the credit report, the lender may use that amount for qualifying purposes. If the credit report does not reflect the correct monthly payment, the lender may use the monthly payment that is on the student loan documentation (the most recent student [...]

2019-04-19T15:40:38-05:00April 24th, 2019|

VA Loans – Income Based Repayment Plans: How does VA Calculate student loan payments for income-based repayment plans? [MC Student Loan Chart]

Answer: Attached is VA’s student loan policy as modified per Circular 27-17-2. The circular states that this policy is for all types of student loans. There is no requirement that the lender only a use a payment that is guaranteed to be at least 12 months in duration after the note date. They only require [...]

2018-06-25T08:38:27-05:00June 24th, 2018|