Income Based Repayment and Forgiveness

March 31, 20190

Through the Income Based Repayment (IBR) and Forgiveness programs, applicants who qualify may be able to have their loans forgiven after successfully paying their loans for 20 or 25 years. Continue reading to find out if this program is right for you and how to qualify.


In order to be eligible for this program, you will need to have made consecutive payments for the past 20 or 25 years of eligible payments under the IBD program. Upon meeting these requirements you may qualify for forgiveness.

In regards to the 20-year term, you must have been a new borrower as of July 1, 2014, or later, and 25 years for everyone prior to that date.

Your payment amount is calculated each year and is solely based on your annual income (this includes your spouse’s income in the event that you file jointly), family size, as well as the total amount of federal student loans. Payments are then capped at 10 – 15% of your discretionary income.

What is the award amount?

Through the Income Based Repayment (IBR) and Forgiveness program, you may be eligible to have up to 100% of your outstanding balance forgiven after 20 or 25 years of successful payments.


What loans qualify for Income Based Repayment (IBR) and Forgiveness?

The following loans are eligible for  Income-Based Repayment (IBR) and Forgiveness:
• Direct Stafford loans
• Direct Grad PLUS loans
• Direct Consolidation loans
• FFEL PLUS Loans made to graduate
FFEL PLUS Loans for professional students (FFEL PLUS loans made to parents are ineligible)
• Federal Perkins Loans (so long as they are consolidated)

For a full breakdown of these loans as well as other information pertaining to this program, head over to the official website.

How to apply?

To apply for the Income-Based Repayment (IBR) and Forgiveness you will need to submit an application through their official website here. –  For a further breakdown of information on this program, you can head to their website.


If you still have questions or would like to know more information please reach out to us here or you can go back to the Student Loan Repayment Assistance Programs page.