This plan will save you money over time because your monthly payments may be slightly higher than payments made under other plan types, but you’ll pay off your loan in the shortest time. Which results in you paying the least amount of interest over the life of your loan. Typicall this plan is one percent of your total amount of student loan debt to be paid each month.
Income Driven Repayment Plan(s)
Your payment amount under an income-driven repayment plan is a percentage of your discretionary income. The percentage is different depending on the type of plan you choose. All income-driven repayment plans qualify for some type of loan forgiveness depending on your individual situation.