The Income-Based Repayment plan provides borrowers with a feasible option to repay their student loans, and here’s what you need to know.

An Education Department spokesperson said the lowest monthly payment option was the SAVE Plan, a Biden-era plan that would cap payments at 5 percent of the borrower’s discretionary income for undergraduate loans and 10 percent for graduate loans. It has been blocked by the courts since June 2024.

NEW YORK (AP) — Amid a federal overhaul of student loan plans, many borrowers have been left wondering what it means for their hopes of loan forgiveness. In particular, those who are enrolled in a repayment plan known as income-based repayment, or IBR, have wondered if forgiveness will still be available to them.