IBR plans typically will not cover the principal and interest due, and the loan balance may increase even though you are making payments. This is called an Income-Based Repayment (IBR) plan. You may be making payments on your student loan based on your income. When you begin to make payments on your student loans, you may have several options. If your loans are deferred, you have no payments due. Your student loan payments may be deferred or in forbearance.
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