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Income-Driven Repayment Plans for Student Loans: Budgetary Costs and Policy Options

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  • Congressional Budget Office

Abstract

In December 2017, nearly half the volume of direct loans currently in repayment was being repaid through income-driven plans. Such plans differ from fixed monthly payment plans by limiting required payments to a percentage of borrowers’ income and allowing for loan forgiveness after 20 or 25 years.CBO examines how enrollment in income-driven plans has changed over time and how those plans will affect the federal budget. CBO also assesses the costs of two broad sets of options that would change the availability of such plans or change how borrowers’ payments are determined.

Suggested Citation

  • Congressional Budget Office, 2020. "Income-Driven Repayment Plans for Student Loans: Budgetary Costs and Policy Options," Reports 55968, Congressional Budget Office.
    • Handle: RePEc:cbo:report:55968
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    File URL: https://www.cbo.gov/system/files/2020-02/55968-CBO-IDRP.pdf
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    Citations

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    Cited by:

    1. Karen Dynan, 0. "Rising student loan burdens and what to do about them," Business Economics, Palgrave Macmillan;National Association for Business Economics, vol. 0, pages 1-5.
    2. Holger Mueller & Constantine Yannelis, 2022. "Increasing Enrollment in Income‐Driven Student Loan Repayment Plans: Evidence from the Navient Field Experiment," Journal of Finance, American Finance Association, vol. 77(1), pages 367-402, February.
    3. Karen Dynan, 2020. "Rising student loan burdens and what to do about them," Business Economics, Palgrave Macmillan;National Association for Business Economics, vol. 55(3), pages 129-133, July.
    4. Mangrum, Daniel, 2022. "Personal finance education mandates and student loan repayment," Journal of Financial Economics, Elsevier, vol. 146(1), pages 1-26.
    5. Nadia Karamcheva & Jeffrey Perry & Constantine Yannelis, 2020. "Income-Driven Repayment Plans for Student Loans: Working Paper 2020-02," Working Papers 56337, Congressional Budget Office.

    More about this item

    JEL classification:

    • H52 - Public Economics - - National Government Expenditures and Related Policies - - - Government Expenditures and Education
    • I22 - Health, Education, and Welfare - - Education - - - Educational Finance; Financial Aid
    • I28 - Health, Education, and Welfare - - Education - - - Government Policy

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