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An income-driven repayment (IDR) plan bases your monthly student loan payment amount on your income and family size. For some people, payments on an IDR plan can be as low as $0 per month.
Income-driven/income-based repayment plans set your monthly federal student loan payment at an amount intended to be affordable based on income and family size.
We offer four income-driven repayment plans: To repay your federal student loans under an IDR plan, you need to fill out an application. The best way to compare repayment plans is by using Loan Simulator. You can use this tool to estimate your monthly payments on different plans and compare plans side by side.
Your monthly payments will be based on your eligible federal student loan debt, family size, and your income. Your monthly payment amount will be capped at 10% or 15% of your discretionary income (depending on when you received your first loans).
Income-driven repayment plans are designed to make repaying your student loan debt more manageable by basing your monthly payment amount on your income, family size, and federal student loan debt. If your current loan payment is high compared to your income, we recommend you repay your loan(s) under one of the following income-driven plans.
What Are Income-Driven Repayment (IDR) Plans? Income-driven repayment (IDR) plans are a great option if your monthly payment feels high compared to your income. These plans can make payments more manageable, help you make progress on your loan, and provide flexibility as your income changes.
Borrowers can now apply for income-driven repayment (IDR) plans electronically rather than needing to upload an application to our website. Please visit StudentAid.gov/IDR to submit your application. If you already submitted an application through our portal you do not need to apply again.
The Biden-Harris Administration today announced that it has fully launched its updated income-driven repayment application tool on StudentAid.gov and that student loan borrowers can now officially enroll in the Saving on A Valuable Education (SAVE) plan, the most affordable repayment plan ever created. The plan is part of President Biden and Vice President Harris' broader efforts to make ...
Here’s how income-based repayment is calculated, plus tips for what to do if those payments are too high. » MORE: Income-driven repayment: Is it right for you? There are four income-driven,...
There are five federal student loan repayment options in which the amount you pay each month is tied to your earnings. You must apply for one of these plans using the Income-Driven...