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
IDR lowers your monthly student loan payment based on your income and family size.
2
If you earn very little, your payment could be as low as 0 a month.
3
IDR plans lengthen your repayment period from the standard 10 years to 20 or 25 years.
4
After completing all your payments on time, any remaining loan balance is forgiven.
5
There are four IDR plans to choose from, each with slightly different calculations.
6
Your IDR payment automatically adjusts if your income goes up or down.
7
IDR plans are only for federal student loans.