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Updated
Income-Based Repayment (IBR) Plan | Income-Contingent Repayment (ICR) Plan | Revised Pay As You Earn (REPAYE) Repayment Plan | |
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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 |
*Only qualify if consolidated with a Direct Consolidation Loan. |
*Only qualify if consolidated with a Direct Consolidation Loan. |
*Only qualify if consolidated with a Direct Consolidation Loan. |
How much you pay |
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*You’ll pay the lesser of these two options. |
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Repayment Term |
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Eligibility requirements |
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Eligible for forgiveness at the end of the term | |||
Eligible for Public Service Loan Forgiveness | |||
Required to reapply each year |
Yes |
Yes |
Yes |
Pros |
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Cons |
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Check out even more plans with our guide to student loan repayment plans.
We break down why it might not be a good idea for all borrowers.
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Scrambling to repay your student loans on your current salary? An IDR plan can help — here’s how.
PAYE might be the way to go unless you have older loans or a higher income.
It comes down to when you borrowed and if you’re a parent or student.
Go for income-based repayments unless you’re a parent borrower.
It all depends on if you’re paying off student loans from undergrad or graduate school.
It all depends on when you got your loan.
One is a clear winner on all counts — unless you have a Parent PLUS Loan.
Your degree and when you got your loan make all the difference.