What are the benefits of Income-Based Repayment Plan Program?

Student may qualify for a zero dollar payment-2. student can apply for the ibr program up to 25 years-ibr benefit #1 - lower monthly payments the ibr program may substantially lower a graduates monthly student loan payment. the calculation of the actual amount is based on a formula that considers the students adjusted gross income level, the federal poverty line, and the number of people the graduate financially supports. payment can be as low as zero dollars. ibr benefit #2 - student loan forgiveness under the income based repayment program, balances not paid off after either 10 or 25 years are forgiven by department of education. while all borrowers can qualify for student loan forgiveness after 25 years, the 10-year forgiveness feature is reserved for those who have worked full-time in public service. ibr benefit #3 - student loan interest subsidy if the newly calculated ibr payment doesnt cover the interest that is added to subsidized stafford loan, the government will pay the difference for the first three years in the ibr program. after that, the unpaid interest is added to the loan balance.