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Economic Brief

June 29, 2021

Richmond Fed Research Examines Student Loan Repayment Plans

Student loan borrowers are more likely to enroll in standard repayment plans than income-driven repayment, or IDR, plans, even though the latter provide more flexibility to adjust payments with income, according to the Richmond Fed’s latest Economic Brief.

Economic Education manager Sarah Gunn, Regional and Community Analysis manager Nicholas Haltom and economist Urvi Neelakantan noted that more education about IDR plans and reducing the administrative burden associated with being in one could be helpful for borrowers. They also noted that other countries, such as Australia and England, automatically enroll borrowers in similar plans.

The Richmond Fed’s Economic Brief series provides essays on economic issues and trends. Sign up to receive an email notification when a new essay is posted.

As part of our nation’s central bank, the Richmond Fed is one of 12 regional Reserve Banks working together with the Board of Governors to support a healthy economy and deliver on our mission to foster economic stability and strength. We connect with community and business leaders across the Fifth Federal Reserve District — including the Carolinas, District of Columbia, Maryland, Virginia, and most of West Virginia — to monitor economic conditions, address issues facing our communities, and share this information with monetary and financial policymakers. We also work with banks to ensure they are operating safely and soundly, supply financial institutions with currency that’s fit for distribution, and provide a safe and efficient way to transfer funds through our nation’s payments system.


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