Master Your Student Loan Repayments With This Guide

Income-Driven Repayment Plans

For those who need more flexibility, income-driven repayment plans adjust your monthly payments based on your income and family size. Plans like Income-Based Repayment (IBR) or Pay As You Earn (PAYE) can significantly lower monthly payments, making them more manageable for recent graduates who might not yet have high earnings². These plans also offer the possibility of loan forgiveness after 20 or 25 years of qualifying payments, depending on the plan, which can be a substantial financial relief.