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IBR vs. ICR vs. REPAYE: How these repayment plans stack up

It all depends on your degree type, when you took out the loan and if you're a student or parent borrower.

Anna Serio
Anna Serio

Updated

Fact checked
The Revised Pay As You Earn (REPAYE) Repayment Plan could be a better deal if you have newer loans from undergraduate school. But the Income-Based Repayment (IBR) Plan might be the way to go if you have graduate student loans issued after 2014. Both plans offer a better option than the Income-Contingent Repayment (ICR) Plan — unless you’re a parent borrower.

How these federal repayment plans compare

Income-Based Repayment (IBR) Plan Income-Contingent Repayment (ICR) Plan Revised Pay As You Earn (REPAYE) Repayment Plan
Best for... Student borrowers looking for income-driven repayments on FFEL Loans that haven’t been consolidated Parent and student borrowers who want higher monthly income-driven repayments to save on interest Student borrowers who are single and paying off undergraduate debt in a low-paying field
Eligible loans
  • Direct Subsidized Loans
  • Direct Unsubsidized Loans
  • Direct Graduate PLUS Loans
  • Direct Consolidation Loans — can't include Direct or FFEL Parent PLUS Loans
  • Subsidized Federal Stafford Loans
  • Unsubsidized Federal Stafford Loans
  • FFEL Graduate PLUS Loans
  • FFEL Consolidation Loans — can't include FFEL Parent PLUS Loans
  • Federal Perkins Loans*

*Only qualify if consolidated with a Direct Consolidation Loan.
  • Direct Subsidized Loans
  • Direct Unsubsidized Loans
  • Direct Graduate PLUS Loans
  • Direct Consolidation Loans — can include Direct Parent PLUS Loans
  • Subsidized Federal Stafford Loans*
  • Unsubsidized Federal Stafford Loans*
  • FFEL Graduate PLUS Loans*
  • FFEL Consolidation Loans* — can include FFEL Parent PLUS Loans
  • Federal Perkins Loans*

*Only qualify if consolidated with a Direct Consolidation Loan.
  • Direct Subsidized Loans
  • Direct Unsubsidized Loans
  • Direct Graduate PLUS Loans
  • Direct Consolidation Loans — can't include Direct or FFEL Parent PLUS Loans
  • Subsidized Federal Stafford Loans*
  • Unsubsidized Federal Stafford Loans*
  • FFEL Graduate PLUS Loans*
  • FFEL Consolidation Loans* — can't include FFEL Parent PLUS Loans
  • Federal Perkins Loans*

*Only qualify if consolidated with a Direct Consolidation Loan.
How much you pay
  • 10% or 15% of your monthly discretionary income — depending on when your loan was first issued
  • Never more than what you'd pay on the Standard Repayment Plan
  • 20% of your monthly discretionary income*
  • Fixed monthly repayments on a 12-year term*

*You’ll pay the lesser of these two options.
  • 10% of your monthly discretionary income
Repayment Term
  • 20 or 25 years — depending on when your loan was first issued
  • 25 years
  • 20 years on undergraduate loans
  • 25 years on graduate loans
Eligibility requirements
  • Eligible loans
  • High-enough debt-to-income ratio that repayments are lower than what they'd be on the Standard Repayment Plan
  • Eligible loans
  • Eligible loans
Eligible for forgiveness at the end of the term
Eligible for Public Service Loan Forgiveness
Required to reapply each year

Yes

Yes

Yes
Pros
  • Repayments adjust with your income
  • Cap on monthly repayments
  • Spousal income won't count if you file taxes separately
  • Open to parent borrowers
  • Save on interest compared to other income-driven repayment plans
  • Repayments adjust with your income
  • Cap on monthly repayments
  • Spousal income won't count if you file taxes separately
  • Repayments adjust with your income
  • No age limits for eligible loans
Cons
  • Not open to parent borrowers
  • Longer term and higher monthly repayments for older loans
  • More paperwork annually
  • No FFEL Loans
  • Highest monthly cost of income-driven repayment plans
  • More paperwork annually
  • More expensive for married couples
  • No cap on monthly repayments
  • Longer term for graduate student borrowers
  • More paperwork annually
Learn more
Learn more
Learn more

Check out even more plans with our guide to student loan repayment plans.

Interested in refinancing instead? Compare your options

Data updated regularly
Name Product Min. Credit Score Loan amount
Purefy Student Loan Refinancing (Variable Rate)
Purefy Student Loan Refinancing (Variable Rate)
620
$7,500 - $300,000
Refinance all types of student loans — including federal and parent PLUS loans.
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Credible Student Loan Refinancing
Credible Student Loan Refinancing
Good to excellent credit
Starting at $5,000
Get prequalified offers from top student loan refinancing providers in one place.
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SoFi Student Loan Refinancing Variable Rate (with Autopay)
SoFi Student Loan Refinancing Variable Rate (with Autopay)
650
Starting at $5,000
A leader in student loan refinancing, SoFi can help you refinance your loans and pay them off sooner.
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Splash Financial Student Loan Refinancing
Splash Financial Student Loan Refinancing
650
Starting at $7,500
Save on your student loans with this market-leading newcomer.
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Education Loan Finance Student Loan Refinancing
Education Loan Finance Student Loan Refinancing
680
Starting at $15,000
Lower your student debt costs with manageable payments, affordable rates and flexible terms.
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Earnest Student Loan Refinancing
Earnest Student Loan Refinancing
650
$5,000 - $500,000
Get a tailored interest rate and repayment plan with no hidden fees.
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