Are there any student loan repayment plans that allow for income-driven repayment?

Yes, there are student loan repayment plans that allow for income-driven repayment in Washington. Income-driven repayment (IDR) plans are designed to make paying back your student loans more affordable. IDR plans are based on your income and family size, and can lower your monthly payments. The most popular IDR plan in Washington is the Revised Pay as You Earn plan (REPAYE). Under REPAYE, your monthly payments are set at 10% of your monthly discretionary income—after taxes and basic living expenses—and the term of your loan is extended to 20 or 25 years. Any remaining balance after that time period is forgiven. Another popular IDR plan in Washington State is the Income-Contingent Repayment plan (ICR). This plan sets your monthly payments to the lesser of either 20% of your discretionary income or what you would pay on a fixed 12-year repayment plan adjusted according to your income. You can have your remaining loan balance forgiven after 25 years of repayment. Some other available IDR plans in Washington include Pay As You Earn (PAYE), Income-Based Repayment (IBR), and Income-Sensitive Repayment (ISR). These plans typically have different repayment terms and forgiveness options. To determine which plan is best for you, it is important to research your options and speak to an expert.

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Are there any student loan repayment plans that allow for income-driven repayment?

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