Income-Driven Repayment

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• If your federal student loan payments are high compared to your income, you may want to consider an income-driven repayment plan.

• Generally, your payment amount under an income-driven repayment plan is a percentage of your discretionary income. The percentage is different depending on the plan. Depending on your income and family size, you may have no monthly payment at all.​

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• An income-driven repayment plan sets monthly student loan payment at an amount that is intended to be affordable based on income and family size.

• The federal government offers four income-driven repayment plans:
  • Revised Pay As You Earn Repayment Plan (REPAYE Plan)
  • Pay As You Earn Repayment Plan (PAYE Plan)
  • Income-Based Repayment Plan (IBR Plan)
  • Income-Contingent Repayment Plan (ICR Plan)​

* If you are seeking Public Service Loan Forgiveness, you should repay your federal student loans under an income-driven repayment plan.

*This would be an alternative to putting qualified student loans into forbearance.