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Income-Driven Repayment Plans

The Income-Driven Repayment Plans are listed below. Required documentation must be submitted yearly to your federal loan servicer to recertify your eligibility. Further details are available on the U.S. Dept. of Education website.

Income Contingent Repayment Plan (ICR)

Available for Direct Loans* only. Payment amount (20% of your discretionary income) is based on your income, family-size and total loan debt. Maximum repayment term is 25 years after which remaining debt is forgiven (may be taxable).

Income Based Repayment Plan (IBR)

Payment amount (15% of your discretionary income) based on income, family-size and state of residence must be less than under the standard repayment plan. Maximum repayment term is 25 years after which remaining debt is forgiven (may be taxable).

Income Based Repayment Plan (IBR) for new borrowers on or after July 1, 2014

Payment amount (10% of your discretionary income) based on income, family-size and state of residence must be less than under the standard repayment plan. Maximum repayment term is 20 years after which remaining debt is forgiven (may be taxable).

Pay As You Earn Repayment Plan (PAYE)

Available only for Direct Loan* new borrowers on/after July 1, 2007 who received a Direct Loan on/after Oct. 1, 2011. Payment amount (10% of your discretionary income) based on income, family-size and state of residence must be less than under the standard repayment plan. Maximum repayment term is 20 years after which remaining debt is forgiven (may be taxable).

Revised Pay As You Earn Repayment Plan (REPAYE)

Available for Direct Loans* only. Payment amount is (10% of your discretionary income) based on income and family-size. Maximum repayment term is 20 years (undergraduate loans) or 25 years (graduate/professional loans) after which remaining debt is forgiven (may be taxable).

*Direct Loans were borrowed directly from the U.S. Dept. of Education and will include "Direct" in the loan title. FFELP (Federal Family Education Loan Program) Loans were borrowed through private lenders. They may have been sold to the U.S. Dept. of Education, but they remain FFELP Loans. FFELP Loans can be consolidated into a Federal Direct Consolidation Loan to qualify for Direct Loan benefits.

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