There are no income restrictions to enter this plan

Eligibility Requirements: There are no income restrictions to enter this plan, and all Direct Loan borrowers are accepted. All types of Direct Loans can be repaid under this plan except for PLUS Loans given to parents. Consolidation loans made after July 1, 2006 that repaid PLUS Loans given to parents may be repaid using this plan.

Payment Amount: The amount of the monthly payment when using this repayment plan is the lesser of the following two options:

20% of your discretionary income
What you would pay on a fixed 12-year repayment plan multiplied by a percentage that is based on your income (referred to as the “income percentage factor”).
Keep in mind that there is no cap on the monthly amount that you could pay – it could be greater than the amount you would pay under the standard 10-year repayment plan.

Loan Forgiveness: Any amount that you still owe after 25 years of qualifying payments will be Big Boss voteforgiven.

Interest Benefit: Any of the interest on your subsidized loans

Eligibility Requirements: All Direct or FFEL Loan borrowers that meet the income requirement of partial financial hardship are eligible. All types of Direct and FFEL Loans can be repaid using this plan except for PLUS Loans given to parents and consolidation loans repaying Plus Loans made to Parents.

Payment Amount: If you are a “new borrower” as of July 1, 2014 (those without any student loan balances when they received a direct loan on or after July 1, 2014), you will generally pay 10% of your discretionary income. If you don’t fall into the “new borrower” category, you will generally pay 15% of your discretionary income. The payment amount will never be more than you would pay on the standard 10-year repayment plan (based on what you owed when you entered the IBR plan).

Loan Forgiveness: If you are a new borrower (defined the same as above), any outstanding loan balance will be forgiven after 20 years of qualifying payments. If you are not a new borrower, your outstanding loan balance will be forgiven after 25 years of qualifying payments.

Interest Benefit: Any of the interest on your subsidized loans that your monthly payment does not cover is paid by the government for the first three years. If you voluntarily leave the plan, or if you no longer qualify to make payments based on your income (when your income determines that your monthly payment is greater than or equal to what you would pay on the standard plan), any interest not paid by you or the government can be capitalized. There is no limit on the amount of interest that can be capitalized.

on or after October 1st,

Eligibility Requirements: Direct Loan borrowers who were new borrowers on or after October 1st, 2007, and who received a loan disbursement on or after October 1st, 2011 are eligible for this plan if they meet the income requirement of partial financial hardship. All types of Direct Loans can be repaid using this plan except for PLUS Loans given to parents and consolidation loans repaying Plus Loans made to Parents.

Payment Amount: Your monthly payment will generally be 10% of your discretionary income. However, it will never be more than you would pay on the standard 10-year repayment plan (based on what you owed when you entered the PAYE plan).

Loan Forgiveness: Any amount that you still owe after 20 years of qualifying payments will be forgiven.

Interest Benefit: Any of the interest on your subsidized loans that your monthly payment does not cover is paid by the government for the first three years. If you voluntarily leave the plan, or if you no longer qualify to make payments based on your income (when your income determines that your monthly payment is greater than or equal to what you would pay on the standard plan), any interest not paid by you or the government can be capitalized. However, the amount of interest that can be capitalized due to your increased income is limited to 10% of the original loan balance when you entered the PAYE plan.

The amount of your monthly payment under the REPAYE plan

Payment Amount: The amount of your monthly payment under the REPAYE plan is generally 10% of your discretionary income with no cap on the amount that you can pay.

Loan Forgiveness: If all of the loans that you are repaying under the REPAYE plan were received for undergraduate study, then after 20 years of qualifying payments your remaining loan balance will be forgiven. If any of the loans that you are repaying under this plan were used to pay for graduate studies, then you must make 25 years of qualifying payments before receiving loan forgiveness.

Interest Benefit: Under this plan, the government will pay the remainder of the interest owed on subsidized loans for the first three years. For unsubsidized loans, and for subsidized loans after the 3 years of full payment, the government will pay half of the interest owed. Any interest not paid by you or the government can be capitalized if you are removed from the plan for failing to recertify your income by the deadline, or if you voluntarily leave the plan.

The four Income-Driven Repayment Plans all share the following features:

The four Income-Driven Repayment Plans all share the following features:

• Payment Amounts: Each plan’s monthly payment is determined, and can change, every year when you recertify your annual income and family size.
• Recertification: You are required to “recertify” your income each year by filling out another Income-Driven Repayment Plan Application. (Note: There are serious penalties for different plans if you don’t recertify by the deadline.)
• Loan Forgiveness: Each of these repayment plans qualifies you for Loan Forgiveness after making 20 or 25 years of qualifying payments, depending on the plan. (Note: You may be required by the IRS to pay taxes on any amount that is forgiven.)
• Interest Benefit: Since your payment could be as low as $0, there may be times when your monthly payment does not cover the interest you owe for that period. In that situation, the government may step in to cover some or all of the remaining interest owed. (Note: the ICR plan does not offer this feature.)Revised Pay as You Earn (REPAYE)