A federal student loan repayment plan that caps monthly payments based on income and family size.
IDR plans recalculate monthly payments annually based on discretionary income, and extend the loan term (often 20-25 years) with remaining balances potentially forgiven at the end, though forgiven amounts may be taxable depending on current law. IDR plans can lower monthly payments substantially but often mean paying more interest over the life of the loan compared to a standard 10-year plan.
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