Income-driven repayment plans are options for repaying federal student loans based on a borrower's income and family size, typically resulting in a lower monthly payment than standard plans.

Borrowers with eligible federal student loans, such as Direct Loans or Federal Stafford Loans, can qualify. PLUS loans made to parents and some other types of loans are not eligible. Specific eligibility criteria can vary by IDR plan.

You can pre-enroll in an Income-Driven Repayment Plan directly from your Chipper account, from there we will finalize and confirm all the details with your servicer and get you enrolled in your preferred plan.

Payments are based on your adjusted gross income (AGI), family size, and the federal poverty guideline for your state. The specific percentage of your income used varies by IDR plan.

Typically, annually. If you don't recertify on time, your payments may increase, and any unpaid interest could capitalize.

If your income changes, your monthly payment may change when you recertify. If you don't report these changes, you'll be required to provide updated information during your next annual recertification.

Yes, if you make eligible monthly payments under an IDR plan for 20-25 years (depending on the plan), any remaining loan balance will be forgiven. However, under current law, the forgiven amount might be considered taxable income.

If you file taxes jointly, your spouse's income and loan debt will typically be considered when calculating payments. If you file separately, only your income and debt will be considered for most IDR plans, but there are exceptions.