Income-driven repayment (IDR) plans are designed to make your student loan debt more manageable by reducing your monthly payment amount. If you need to make lower monthly payments or if your outstanding federal student loan debt represents a significant portion of your annual income, one of the following income-driven plans may be right for you:
The entire Income-Driven Repayment process must be completed in a single session. Most people complete the process in 10 minutes or less.
You can apply for an income-driven repayment plan that limits your payments to a percentage of your income.
To re-certify for your existing income-driven repayment plan you must provide updated information about your income and family size annually.
If your income or family size has changed you can request that your income-driven payment be re-calculated to reduce your current monthly payment.
If you are currently enrolled in an income-driven repayment plan and would like to switch to another income-driven repayment plan.