Pros and Cons of IBR
Pros and Cons of IBR

Pros:

Lower payments
Interest Payment Benefit (If your IBR payment is less than the monthly interest that accrues on the loan, the government will pay your unpaid interest on subsidized Stafford loans for up to three consecutive years from when you first enter IBR repayment).
Cancellation if you Repay under IBR for 25 years
10 Year Cancellation (If you are working in a public service job and you are in the Direct Loan program)

Cons:

You Will Likely Have a Longer Repayment Period
You May Pay More Interest (The faster you repay your loans, the less interest you pay)
Annual Documentation Requirements for IBR
Check out these FAQs for answers to more questions about IBR.
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