Income Driven Repayment Plan Chart

Under the income driven repayment plans you may be eligible for forgiveness of any remaining loan balance after making qualifying payments for 20 or 25 years. Income driven repayment or idr plans are designed to make student loan repayment more affordable by limiting monthly payments to a certain percentage of a borrower s income. An income driven repayment plan is a repayment plan that sets your monthly student loan payment at an amount that is intended to be affordable based on your income and family size.

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Below is a chart that highlights how fast they have grown as well as how much they are now dominating the student loan industry.

Income driven repayment plan chart. Income driven repayment comparison chart this chart compares selected criteria for the ibr icr paye and repaye repayment plans and does not describe all eligibility requirements. Under current irs rules any loan amount forgiven under the income driven repayment plans is considered taxable income. Just to illustrate how confusing these plans are the term income. See the official income driven repayment plan request form for a comprehensive description of eligibility criteria for each of these plans.

This plan requires that you have a partial financial hardship as defined on the income driven repayment plan request. Income driven repayment plans are extremely confusing. Income based repayment plan ibr. After 20 or 25 years depending on the terms of your loan of qualifying payments your remaining loan balance is eligible for forgiveness.

Department of education offers three income driven repayment plans. Income driven repayment plans are the fastest growing student loan plans in the country.