Income Driven Repayment
INCOME-DRIVEN REPAYMENT PLANS
THESE REPAYMENT PLANS ALLOW YOU TO MAKE MONTHLY PAYMENTS THAT ARE BASED ON THE BORROWER’S DISCRETIONARY INCOME* IN ADDITION TO YOUR INCOME, ELIGIBILITY FOR THESE PLANS IS BASED ON YOUR FAMILY SIZE AND THE TYPES OF LOANS YOU HAVE. These plans also extend your repayment period to 20 or 25 years. If you still have a balance after all that time, the government will forgive your remaining balance.
* Discretionary income is the difference between your income and 150 percent of the poverty guideline for your family size and state of residence.