The Income-Based Repayment Plan, or IBR, is a new way to make your student loans more manageable. It became available July 1, 2009. It applies to the major types of federal student loans available.
What is Income Based Repayment? IBR is a plan that determines your monthly student loan payment based on your income and family size. For lower income households, this could involve a payment that is considerably lower than your initial student loan’s assessed payment amount. This was prompted by the recession.
