These income - based plans extend your repayment plans and lower your monthly payments. (studentloanhero.com)
Since income - driven plans extend the repayment term from the standard 10 years to 20 or 25 years, they will lead to big interest charges. (nerdwallet.com)
This can be done by extending the repayment period of the loan or allowing the borrower to make payments as a percentage of their income instead of the standard principal and interest payment. (cheapscholar.org)