Income-Driven Repayment Plans: Questions And Answers - Federal Student Aid, U.s. Department Of Education Page 3
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264. What are the differences between the income-driven plans?
The chart below compares the major features of the income-driven plans. The terms and conditions
summarized in the chart are discussed in detail in separate sections of this document. See
Eligible
Borrowers,
Eligible
Loans,
Monthly Payment
Amount, and
Repayment Period & Loan Forgiveness
in
this document.
Feature
REPAYE Plan
PAYE Plan
IBR Plan
ICR Plan
Eligible
Direct Loan
Direct Loan
Direct Loan and FFEL
Direct Loan
Borrowers
borrowers
borrowers
borrowers
borrowers
Note: This plan is
Note: Some terms
limited to new
and conditions differ
borrowers on or
depending on when
after October 1,
you received your
2007, who
federal student loans.
received a Direct
Loan disbursement
on or after October
1, 2011.
Eligible Loans
All Direct Loan types
All Direct Loan
All Direct Loan and
All Direct Loan types
except Parent PLUS
types except
FFEL Program loan
except Parent PLUS
Loans and
Parent PLUS
types except Parent
Loans.
consolidation loans
Loans and
PLUS Loans and
Consolidation loans
that repaid Parent
consolidation loans
consolidation loans
made after July 1,
PLUS Loans
that repaid Parent
that repaid Parent
2006, that repaid
PLUS Loans
PLUS Loans
Parent PLUS Loans
may be repaid under
ICR
Income
None
Your income must
Your income must be
None
Requirement
be low compared
low compared to your
to Enter Plan
to your eligible
eligible federal student
federal student
loan debt
loan debt
Requirement
Annually
Annually
Annually
Annually
to Recertify
Income and
Family Size
Monthly
Generally 10 percent
Generally 10
Generally
The lesser of
Payment
of your discretionary
percent of your
10 percent of
20 percent
income
discretionary
your discretionary
of your
income
income (if you're a
discretionary
new borrower on
income or
or after July 1,
what you
2014), or
would pay on a
15 percent of
repayment plan
your discretionary
with a fixed
income (if you're
payment over
not a new
the course of 12
Federal Student Aid |
StudentAid.gov
Page 3 of 26
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