What is  Income-driven Repayment?

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Income-driven repayment eases federal student loan burden by lowering monthly payments based on income and family size, here are some things to know.

1

Income-Based Payments

IDR lowers your monthly student loan payment based on your income and family size.

2

Potentially  0 payment

If you earn very little, your payment could be as low as  0 a month.

3

Extended Repayment Term

IDR plans lengthen your repayment period from the standard 10 years to 20 or 25 years.

4

Loan Forgiveness

After completing all your payments on time, any remaining loan balance is forgiven.

5

Multiple IDR Plans

There are four IDR plans to choose from, each with slightly different calculations.

6

Payment Adjustments

Your IDR payment automatically adjusts if your income goes up or down.

7

Eligibility

IDR plans are only for federal student loans.