
Sign up & start saving!
Get our weekly newsletter for the latest in money news, credit card offers + more ways to save
Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our content.
Updated
Income-Sensitive Repayment (ISR) Plan | Income-Based Repayment (IBR) Plan | |
---|---|---|
Best for... | Parent and student borrowers with FFEL Loans who want income-driven repayments for a few years | Student borrowers looking for income-driven repayments on FFEL Loans that haven’t been consolidated |
Eligible loans |
|
*Only qualify if consolidated with a Direct Consolidation Loan. |
How much you pay |
|
|
Repayment Term |
|
|
Eligibility requirements |
|
|
Eligible for forgiveness at the end of the term | ||
Eligible for Public Service Loan Forgiveness | ||
Required to reapply each year |
Yes |
Yes |
Pros |
|
|
Cons |
|
|
|
If you’re not sure if either of these are right for you, compare other options with our guide to student loan repayment plans.
We break down why it might not be a good idea for all borrowers.
Refinancing with another lender or even switching repayment plans can free up room in your budget and even save on the total cost.
If you’ve made a year of on-time repayments and have good credit and income, you might qualify.
And what to do if you can’t meet its credit, income or degree requirements.
You won’t pay interest for at least 60 days on federal loans. But what about private student loans?
Keep in mind you’ll likely need a cosigner to qualify.
Share the responsibility with your spouse, reduce repayments — or both.
Pay off anywhere from $20K to your full balance, depending on the program.
A smaller pool of applicants means less competition — and even $1,000 can reduce your student debt load.
Consider refinancing or applying for forgiveness to reduce the cost.