A borrower is interested in understanding the eligibility requirements and benefits of the Income-Driven Repayment (IDR) plans. Navigate to the relevant section on studentaid.gov and identify at least three specific eligibility criteria for IDR plans and one key benefit of these plans. State the information found.
Navigate to 'https://studentaid.gov' Click on the 'Manage My Loans' link in the main navigation. On the 'Manage My Loans' page, locate and click on a link related to 'Repayment Plans' or 'Income-Driven Repayment'. Once on the Income-Driven Repayment page, scroll down to find the eligibility requirements. Identify at least three specific eligibility criteria for IDR plans. Identify at least one key benefit of IDR plans. State the identified eligibility criteria and benefit.
Successfully navigate to the Income-Driven Repayment section of the website. Identify at least three distinct eligibility criteria for IDR plans (e.g., specific loan types, financial hardship, annual income and family size). Identify at least one key benefit of IDR plans (e.g., lower monthly payments, potential for loan forgiveness after a certain period). State the identified eligibility criteria and benefit clearly and accurately.