If your federal student loan payments are high compared to your income, you may want to repay your loans under an income-driven repayment plan. 
Most federal student loans are eligible for at least one income - driven repayment plan. If your income is low enough , your payment could be as low as $0 per month. An income - driven repayment plan sets your monthly student loan payment at an amount that is intended to be affordable based on your income and family size. We offer four income - driven repayment plans : Revised Pay As You Earn Repayment Plan REPAYE Plan Pay As You Earn Repayment Plan PAYE Plan Income - Based Repayment Plan IBR Plan Income - Contingent Repayment Plan ICR Plan If you d like to repay your federal student loans under an income - driven plan , you need to fill out an application. Why pay for help with your federal student loans when your loan servicer will help you for FREE? Contact your servicer to apply for income - driven repayment plans, student loan forgiveness, and more. Learn more about loan servicers. If you're seeking Public Service Loan Forgiveness , you should repay your federal student loans under an income - driven repayment plan. Try This Resource Federal Student Loans : Repaying Your Loans Provides information about federal student loan repayment plan options, finding loan history and loan servicers, and making payments. 

How is my monthly payment amount calculated under an income-driven repayment plan? 
Generally , your payment amount under an income - driven repayment plan is a percentage of your discretionary income. The percentage is different depending on the plan. The chart below shows how payment amounts are determined under each income - driven plan. Depending on your income and family size , you may have no monthly payment at all. * For the IBR Plan , you're considered a new borrower on or after July 1 , 2014, if you had no outstanding balance on a William D. Ford Federal Direct Loan Direct Loan Program loan or Federal 

user: How do I decide which income-driven repayment plan to choose within the FSA process?

assistant: Have you decided that an income-driven repayment plan is what you want to proceed with?

user: Yes, that is my choice

assistant: In that case, you will need to choose the plan that will provide the most benefits to you which are based on your own personal circumstances

user: What does it mean when it says that I must be a new borrower to qualify for the PAYE Plan?

assistant: This means that you must have had no outstanding balance on a Direct Loan or FFEL Program loan when you received a Direct Loan or FFEL Program loan on or after Oct. 1 , 2007 , and you must have received a disbursement of a Direct Loan on or after Oct. 1 , 2011

user: Are there any implications if I don't recertify my income and family size by the annual deadline?

assistant: In this instance, any unpaid interest will be capitalized added to the principal balance of your loans. This will increase the total cost of your loans over time, because you will then pay interest on the increased loan principal balance 

user: What do I do if it happens that an income-driven repayment plan is not right for me?

assistant: You are advised to contact your loan servicer to discuss other repayment options. In this instance you may be able to extend your repayment period through what is known as the Extended Repayment Plan. You may also be able to qualify for a temporary repayment suspension through a deferment or forbearance

user: What happens if I didn't recertify my family size by the annual deadline?

assistant: This could result in an increased monthly payment amount. It could also result in the PAYE and IBR plans loss of eligibility to make payments based on income