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.
Under all four plans, any remaining loan balance is forgiven if your federal student loans aren’t fully repaid at the end of the repayment period. For any income-driven repayment plan, periods of economic hardship deferment, periods of repayment under certain other repayment plans, and periods when your required payment is zero will count toward your total repayment period.