4 Income-Based Repayment Options for Federal Student Loans
For those struggling to make their federal student loan payments, there are a variety of income-based repayment options available. These 4 income-based repayment options for federal student loans provide the flexibility and affordability needed to help borrowers pay off their debt.
The most popular option is the Income Based Repayment (IBR) plan, which caps monthly payments at 15% of the borrower's discretionary income. It also forgives any remaining debt after 25 years of payments. The Pay As You Earn (PAYE) program is similar to IBR but has a 10% cap on monthly payments and debt forgiveness after 20 years of payments.
The Graduated Repayment Plan adjusts the amount of each payment over time, allowing borrowers who expect an increase in income over time to have more manageable payments during their early career years.
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