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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

Updated Nov 11, 2019

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

Name	Min. Credit Score	Max. Loan Amount	APR
SoFi Student Loan Refinancing Variable Rate (with Autopay)	650	Full balance of your qualified education loans	2.25% to 6.09%	A leader in student loan refinancing, SoFi can help you refinance your loans and pay them off sooner.	Get started More Info	Compare	loading Fetching your data...
Purefy Student Loan Refinancing (Variable Rate)	620	$300,000	2.27% to 7.49%	Refinance all types of student loans — including federal and parent PLUS loans.	Get started More Info	Compare	loading Fetching your data...
Credible Student Loan Refinancing	Good to excellent credit	None	1.99% to 9.24%	Get prequalified offers from top student loan refinancing providers in one place.	Get started More Info	Compare	loading Fetching your data...
Splash Financial Student Loan Refinancing	650	None	1.89% to 6.66%	Save on your student loans with this market-leading newcomer.	Get started More Info	Compare	loading Fetching your data...
Education Loan Finance Student Loan Refinancing	680	None	2.39% to 6.01%	Lower your student debt costs with manageable payments, affordable rates and flexible terms.	Get started More Info	Compare	loading Fetching your data...
Earnest Student Loan Refinancing	650	$500,000	1.99% to 5.34%	Get a tailored interest rate and repayment plan with no hidden fees.	Get started More Info	Compare	loading Fetching your data...

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Anna Serio

Anna Serio is a trusted lending expert and certified Commercial Loan Officer who's published more than 950 articles on Finder to help Americans strengthen their financial literacy. A former editor of a newspaper in Beirut, Anna writes about personal, student, business and car loans. Today, digital publications like Business Insider, CNBC and the Simple Dollar feature her professional commentary, and she earned an Expert Contributor in Finance badge from review site Best Company in 2020.

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

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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.

How these federal repayment plans compare