IBR Old (15% plan)

You're on IBR Old if you had an outstanding balance on a Direct Loan or FFEL loan on July 1, 2014 and still had that balance when your current loans were disbursed. Payments are 15% of discretionary income, capped at the standard 10-year payment. Forgiveness after 25 years (300 months) of qualifying payments — or 10 years (120 months) with PSLF.

IBR New (10% plan)

You qualify as a "new borrower" if either: (1) you had no outstanding federal loan balance on July 1, 2014, or (2) you paid off all prior federal loans in full before taking out a new one after that date. Even if you borrowed before 2014, paying off those loans entirely and then borrowing again makes you a new borrower under federal rules (34 CFR § 685.209). Payments are 10% of discretionary income, capped at the standard 10-year payment. Forgiveness after 20 years (240 months) — or 10 years with PSLF.

RAP

Available to all borrowers with eligible federal Direct Loans, regardless of when they were taken out. Payment is based on a percentage of income (varies by income bracket). When your payment doesn't cover interest, the unpaid interest is subsidized in full by the government, ensuring that your loan balance always decreases by at least $50/month. Forgiveness after 20–25 years depending on loan type (up to 30 years for graduate loans) — or 10 years with PSLF.