Final answer:
The differences between Standard repayment, PAYE, REPAYE, and IDR for student loans lie in the payment structure and forgiveness eligibility.
Step-by-step explanation:
Standard Repayment: This repayment plan has fixed monthly payments over a period of 10 years.
Pay As You Earn (PAYE): This plan caps your monthly payments at 10% of your discretionary income and forgives any remaining balance after 20 years of payments.
Revised Pay As You Earn (REPAYE): Similar to PAYE, this plan also caps your monthly payments at 10% of your discretionary income but extends the repayment period to 25 years for undergraduate loans and 30 years for graduate loans.
Income-Driven Plan (IDR): This encompasses several plans, including PAYE and REPAYE, and generally allows monthly payments to be based on your income and family size.