Income-Based Repayment Now Available

Posted by OPI at 10:53 AM in Financing Your Career

Beginning today, Income-Based Repayment (IBR) is available as a repayment option for all federal student loans (graduate and undergraduate).  This is great news for WCL alumni!  Under IBR, monthly payments are capped at an amount intended to be affordable based on income and family size.  The IBR application is now online.

Type of employment is not a factor in the calculation - only income and debt are considered.  However, for public sector employees, all federal loans must be in the federal direct loan program for Public Service Loan Forgiveness.  For WCL graduates who took out Grad PLUS loans, many are FFEL loans and must be consolidated into a Direct Consolidation loan.  Beginning with the incoming 1L class, all Grad PLUS loans will now be Federal Direct loans.  IBR is not available for private loans.

Many resources are available to learn more about IBR:

For additional questions about IBR, don't hesitate to contact the Office of Public Interest at 202-274-4099.