How to apply for an income-driven repayment plan for your student loan – Business Insider

What is an income-driven repayment plan?

First thing’s first – what are we even talking about here? Once you graduate and it’s time to begin payment on your federal loans, the federal government will automatically set you up with the Standard Repayment Plan, a program that consists of 10 years of fixed monthly payments. Meaning your payments don’t change relative to your circumstances. (Income-driven repayment is not available on private loans.)

In contrast, income-driven repayment (IDR) plans take your particular income and family size into account when calculating monthly payments. Depending on those factors, you’ll pay back 10 to 20% of your income for 20 to 25 years, at which point you’ll be eligible for student loan forgiveness for any remainder.
— Read on

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