Income-Driven Repayment Plan Request Page 8
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12SECTION 10: INCOME-DRIVEN PLAN ELIGIBILITY REQUIREMENTS AND GENERAL INFORMATION
Table 1: Income-driven repayment plan eligibility requirements and general information.
Plan Feature
REPAYE
PAYE
IBR
IBR for New Borrowers
ICR
Payment Amount
Generally, 10% of discretionary
Generally, 10% of
Generally, 15% of
Generally, 10% of
Lesser of 20% of
income.
discretionary income.
discretionary income.
discretionary income.
discretionary income or
what you would pay under
a repayment plan with
fixed payments over 12
years, adjusted based on
your income.
Cap on Payment Amount None. Your payment may
What you would have paid
What you would have paid
What you would have paid
None. Your payment may
exceed what you would have
under the standard
under the standard
under the standard
exceed what you would
paid under the standard
repayment plan with a 10-
repayment plan with a 10-
have paid under the
repayment plan with a 10-
repayment plan with a 10-year
year repayment period when
year repayment period when
standard repayment plan
year repayment period when
repayment period.
you entered the plan.
you entered the plan.
you entered the plan.
with a 10-year repayment
period.
You must provide income
You must provide income
You must provide income
You must provide income
You must provide income
documentation for yourself and
documentation for you and
documentation for you and
documentation for you and
documentation for you and
your spouse regardless of
your spouse only if you file a
your spouse only if you file a
your spouse only if you file a
your spouse only if you file
whether you file a joint or
joint Federal income tax
joint Federal income tax
joint Federal income tax
a joint Federal income tax
separate Federal income tax
return.
return.
return.
return or if you and your
Married Borrowers
return unless you and your
spouse choose to jointly
spouse (1) are separated or (2)
repay under the plan.
you are unable to reasonably
access your spouse's income
information.
Borrower Responsibility
• On subsidized loans, you do
On subsidized loans, you do
On subsidized loans, you do
On subsidized loans, you do
You are responsible for
for Interest if Payment
not have to pay the difference
not have to pay the
not have to pay the
not have to pay the difference
paying all of the interest
Does Not Cover All
between your monthly
difference between your
difference between your
between your monthly
that accrues.
Interest that Accrues
payment amount and the
monthly payment amount
monthly payment amount
payment amount and the
remaining interest that
and the remaining interest
and the remaining interest
remaining interest that
accrues for your first 3
that accrues for your first 3
that accrues for your first 3
accrues for your first 3
consecutive years of
consecutive years of
consecutive years of
consecutive years of
repayment under the plan.
repayment under the plan.
repayment under the plan.
repayment under the plan.
• On subsidized loans after the
first consecutive 3 years and
on unsubsidized loans during
all periods, you are only
responsible for paying half of
the difference between your
monthly payment amount and
the remaining interest that
accrues.
Page 8 of 12
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