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Student income based payment

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Reference no: EM131725902

Say, a former student has $30,000 loan at 6% interest meaning around $1,800 interest per year or $150 interest per month.

The former student contacts the student loan servicer for an income based payment plan. The former student's income based payment equals $100 per month.

Class Question: Since the interest equals $150 per month and the payment equals $100 per month will the loan balance keep growing by $50 per month. Why or why not as what specifically can you find out from researching this issue?

Reference no: EM131725902

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