What are the income-based repayment programs available for student loans?

In Oregon, borrowers of federal student loans can choose from multiple income-based repayment programs to control and lower their monthly payments to a level they can afford. These programs are designed to make payments easier to manage based on your income level. The Income-Based Repayment (IBR) program is available for federal student loans, including Direct Loans and FFEL Loans. Under IBR, the monthly payment is capped at 15% of discretionary income and the loan term can be extended up to 25 years. After 25 years of qualifying payments, any remaining balance is forgiven. The Pay As You Earn (PAYE) program is another income-driven repayment program available in Oregon. The monthly payment is capped at 10% of discretionary income, and the loan term can be extended up to 20 years. After 20 years of qualifying payments, any remaining balance is forgiven. The Revised Pay As You Earn (REPAYE) program is also available in Oregon and provides for a monthly payment capped at 10% of discretionary income. With REPAYE, the loan term is extended to 25 years for all loan types with the possibility of forgiveness after 20 or 25 years of qualifying payments. Finally, the Income-Contingent Repayment (ICR) program is available for federal student loans. Under ICR, the monthly payment is the lesser of (i) 20% of your discretionary income or (ii) the amount of a fixed 12-year repayment plan multiplied by an income percentage factor. After 25 years of qualifying payments, any remaining balance is forgiven. In summary, Oregon borrowers of federal student loans can choose from several income-based repayment programs designed to make loan payments more manageable. These programs include Income-Based Repayment (IBR), Pay As You Earn (PAYE), Revised Pay As You Earn (REPAYE), and Income-Contingent Repayment (ICR).

What are the income-based repayment programs available for student loans?

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