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Income-Driven Repayment Plans
Income-driven repayment (IDR) plans are an excellent option for borrowers struggling to make their monthly payments. These plans adjust your monthly payment based on your income and family size, often resulting in a lower payment. After 20 to 25 years of qualifying payments, any remaining loan balance may be forgiven4. There are several IDR plans available, including Income-Based Repayment (IBR) and Pay As You Earn (PAYE). It's beneficial to search options and find the plan that best suits your financial situation.