What are the differences between REPAYE and IBR student loan repayment plans?

The REPAYE plan generally offers a lower monthly payment compared to the IBR plan, as it calculates payments based on 10% of the borrower's discretionary income, while IBR is based on 15%.

The REPAYE plan has a longer loan forgiveness period of 25 years for undergraduate loans and 20 years for graduate loans, compared to the 20-year forgiveness period under the IBR plan.

Married borrowers who file taxes separately may end up paying more under the REPAYE plan, as it considers the income of both spouses, unlike the IBR plan which allows excluding a spouse's income.

The REPAYE plan offers an interest subsidy that the PAYE plan does not have, which can help reduce the overall interest paid on the loans.

The REPAYE plan increases the income exemption to 225% of the poverty line, making the monthly payments more affordable for some borrowers compared to IBR.

For undergraduate loans, the REPAYE plan reduces the monthly payment to 5% of the borrower's discretionary income, lower than the 10% under the PAYE and IBR plans.

The REPAYE plan is available to all Direct Loan borrowers, while the PAYE plan has more restrictive eligibility requirements, such as being a new borrower as of 2011.

The REPAYE plan does not have an income cap for eligibility, unlike the IBR plan which has an income cap of 150% of the poverty line.

The REPAYE plan requires annual recertification of income and family size, while the IBR plan only requires recertification every 12 months.

The REPAYE plan may be more beneficial for borrowers with high debt-to-income ratios, as it offers a longer forgiveness period and lower monthly payments.

The IBR plan may be more advantageous for borrowers who are married and file taxes jointly, as it allows excluding a spouse's income from the payment calculation.

The REPAYE plan has a unique feature that can provide an interest subsidy of up to 50% on any remaining unpaid interest after the monthly payment is applied.

The REPAYE plan is designed to be more generous towards borrowers with high debt and low incomes, while the IBR plan may be more suitable for those with moderate debt and higher incomes.

The REPAYE plan is available to all Direct Loan borrowers, including those who have previously used other income-driven repayment plans, while the PAYE plan has more restrictive eligibility criteria.