Meta Title: Find the Latest Income-Based Repayment Chart for 2024 Here

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Meta Description: Check the latest Income-based Repayment Chart for 2024. Learn how income and family size impact payment costs and why IBR is a stable option for borrowers.

Income-Based Repayment (IBR) Charts for 2024

Quick Facts

• If you earn $80,000 a year, your IBR payment could range from $400 to $600, depending on whether you qualify for IBR 10% or 15%. Payments are based on your income and family size—use the charts below to estimate your specific payment.

• IBR is a stable repayment plan option, even if the SAVE Plan ends. It was passed into federal law in 2007, giving it more protection from changes in presidential administrations or court rulings than other IDR Plans.

• IBR plans offer forgiveness after 20 years (undergraduate loans) or 25 years (graduate loans) of payments. Borrowers working in public service can qualify for forgiveness in 10 years through Public Service Loan Forgiveness.

Overview

Finding accurate IBR charts can be challenging, especially with recent changes and legal uncertainty in student loan repayment. With the Biden administration leaving office and talks of a Trump administration ending the U.S. Department of Education, many borrowers feel uncertain about their options.

The Income-Based Repayment Plan is one of several plans under the broader Income-Driven Repayment Plan category. Think of IDR like citrus: it’s the category, and IBR is one specific fruit—an orange. Other plans, like the SAVE Plan, are limes.

Unlike the other IDR Plans, which face legal challenges because they were created by executive action, the IBR is grounded in federal law passed in 2007, so it is a stable and reliable option.

Below are simple IBR charts to show your monthly payment based on income and family size. Use this guide to feel confident about your payments.

Related: What Is an IDR Plan?

IBR Charts

These charts assume your total Adjusted Gross Income (AGI), whether it’s your income alone or combined with your spouse’s if you file jointly. If you file separately, use only your AGI. You can find your AGI on your federal tax return 1040 form.

If you borrowed student loans before July 1, 2014

This chart shows estimated monthly payments for borrowers whose first loan was issued before July 1, 2014, under the 15% IBR plan.

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[Download the IBR 15% Chart (PDF)][Button]

If you borrowed student loans after July 1, 2014

This chart shows estimated monthly payments for borrowers whose first loan was issued on or after July 1, 2014, under the 10% IBR plan.

Download the IBR 10% Chart (PDF)

How to See Your Monthly Payment Under the IBR Plan

If you're unsure where you fall on the charts, use our IBR repayment calculator to find your exact payment amount based on your income, family size, and loan details.

Related: IBR Calculator

Factors That Influence Your IBR Payments

Your Income and Family Size

Your monthly payment amount under IBR depends on your annual income and family size.

The calculation uses your discretionary income based on the federal poverty line for your state of residence.

Borrowers with higher incomes or smaller families will generally see higher payments.

For example, a single borrower earning $50,000 annually with no dependents would pay about $300 per month under IBR 15% and $200 per month under IBR 10%.

Related: Income Limits for Income-Based Repayment

Loan Balance and Repayment Period

Your student loan balance doesn’t directly determine your monthly payment under IBR. Payments are based on your income and family size, not how much you owe. This means that whether you owe $10,000, $100,000, or $200,000, your payment is calculated the same way—using a percentage of your discretionary income.

Where loan balance does matter is in two key areas:

1. Qualifying for IBR: To qualify, you must have a partial financial hardship, which means your IBR payment must be lower than your payment under a 10-year Standard Plan. For borrowers with low balances, this can be harder to meet since their Standard Plan payment is smaller.

2. Forgiveness After the Repayment Period: Borrowers with high balances often benefit the most from IBR. After 20 years (undergraduate loans) or 25 years (graduate loans) of qualifying payments, any remaining balance is forgiven. For large balances, this forgiveness can be substantial.

Let’s look at two examples to see how this works:

• Example 1: $100,000 Balance: A borrower earning $50,000 annually with a family size of 2 would pay about $200 per month under IBR 10% or $300 per month under IBR 15%. After 25 years, depending on how much was repaid, a significant portion of their loan could be forgiven.

• Example 2: $200,000 Balance: For a borrower earning $70,000 annually with a family size of 4, the monthly payment would be $300 under IBR 15%. Even with such a high balance, most of the loan could be forgiven after 25 years.

Loan Type and Consolidation

Only federal loans like Direct Loans and Direct Consolidation Loans are eligible for IBR. Borrowers with Perkins Loans, Parent PLUS Loans, or FFEL Loans must consolidate these loans into a Direct Consolidation Loan to qualify.

Refinancing federal loans into private loans makes you ineligible for IBR or other income-driven plans.

Note: Parent PLUS Loan borrowers are only eligible for the Income-contingent Repayment plan unless they use the double consolidation loophole before it closes on June 30, 2024. ICR Plan payments are often 2 to 3 times higher than payments under IBR.

Temporary Adjustments

If you experience financial hardship, deferment or forbearance may temporarily pause your payments. But interest may continue to build up, depending on the loan type (e.g., unsubsidized loans). Speak with your loan servicer or visit StudentAid.gov to explore these options.

Public Service Loan Forgiveness

If you work for a qualifying employer, your payments under IBR can count toward Public Service Loan Forgiveness. PSLF forgives your remaining loan balance after 120 qualifying monthly payments.

IBR Chart FAQs

Who qualifies for Income-Based Repayment?

You qualify for IBR if you have federal student loans, demonstrate a partial financial hardship (your IBR payment is lower than the 10-year Standard Plan payment), and meet loan timing rules: 15% applies to loans before July 1, 2014; 10% applies to loans after that date.

What’s the difference between IBR 10% and IBR 15%?

IBR 15% applies if you borrowed your first federal student loan before July 1, 2014, and uses 15% of discretionary income for payments. IBR 10% applies if you borrowed on or after July 1, 2014, and calculates payments at 10% of discretionary income. Both require partial financial hardship.

What is a partial financial hardship for IBR?

A partial financial hardship means your calculated IBR payment is lower than what you would pay on a 10-year Standard Repayment Plan. This is required to qualify for IBR and is reassessed annually based on your income and family size.

How are IBR payments calculated?

IBR payments are based on your discretionary income, which is your Adjusted Gross Income minus 150% of the federal poverty guideline for your family size and state. Payments are 10% or 15% of discretionary income, depending on when you borrowed your first loan, and are capped at the Standard Plan amount.

How does family size affect my IBR payment?

Family size reduces your discretionary income because the poverty guideline increases with each additional family member. A larger family size lowers your income threshold for payments, potentially reducing your monthly IBR payment or qualifying you for a $0 payment. Family size includes you, your spouse, and dependents.

How do you calculate family size for IBR?

Your family size includes you, your spouse, and any dependents who rely on you for more than half their support. This can include children, unborn children (if they will be born during the year), and other relatives if they meet the support criteria.

Can my IBR payment ever be $0?

Yes, if your discretionary income is $0 or very low, your IBR payment will be $0. This typically happens when your income is below 150% of the federal poverty guideline for your family size. Even with a $0 payment, you stay on track for loan forgiveness.

Are private student loans eligible for IBR?

No, private student loans are not eligible for Income-Based Repayment. IBR is only available for federal student loans, such as Direct Loans and some FFEL Program loans. To manage private loan payments, you must explore other options like refinancing or negotiating directly with your lender.

Does IBR offer loan forgiveness?

Yes, IBR offers loan forgiveness after 20 years (for undergraduate loans) or 25 years (for graduate loans) of qualifying payments. At the end of this period, any remaining balance is forgiven. Forgiven amounts may be taxable, so plan for potential tax implications.

Bottom Line

We’ve provided these IBR charts to help you explore whether switching to IBR is the right choice for your repayment plan, especially with the SAVE Plan potentially ending due to court litigation.

If you’re unsure about your options or want personalized guidance, our student loan experts are here to help. Book a consultation today to find the best plan for your situation.

Related reading:

• How to Get Income-Based Repayment for Parent PLUS Loans

• Private Student Loan Income-Based Repayment Isn't a Thing

• Saving on a Valuable Education Plan

• SAVE Plan Blocked

• Income-Contingent Repayment Plan

• Pros and Cons of Income-Driven Repayment Plans

• What Is the Income Limit for Income Driven Repayment Plan?

• How Do I Change My Student Loan Repayment Plan?