Income Driven Repayment Idr Plan Request Form Details

President Obama announced a new program this week to help struggling borrowers repay their loans. The "Acs Income Based Repayment" program will cap monthly payments at 10% of discretionary income for those who qualify. This new program could provide much-needed relief for the 44 million Americans who currently owe $1.2 trillion in student loan debt. President Obama also announced an expansion of the Pay As You Earn repayment plan, which will help an additional 5 million Americans reduce their monthly payments. If you are struggling to make your student loan payments, be sure to check out these new programs and see if you qualify.

Here, you will see a number of information regarding acs income based repayment PDF. It is worth making the effort to study this before you start submitting your form.

QuestionAnswer
Form NameAcs Income Based Repayment
Form Length11 pages
Fillable?Yes
Fillable fields7
Avg. time to fill out4 min 9 sec
Other namesacs education ibr request form, ibr request form, idr income driven repayment plan request, income driven repayment plan form pdf

Form Preview Example

Important Note

This IDR request applies only to loans serviced by

CONDUENT Education Services. If you would like to make this request for other loans, you must submit a separate application to each loan holder or servicer.

The Income-Driven Repayment Plan Request application is enclosed. Please read each section carefully while completing the form.

Use this form to (1) request Income-Based Repayment (IBR); (2) provide the required information and documentation for the annual recalculation of your monthly payments under IBR; or (3) request an immediate re-evaluation of your monthly payment amount under IBR.

General Instructions for Completing this Application

Please print legibly and use a blue or black ink pen to fill out this form.

Be sure to include your name and Social Security Number (SSN) at the top of Pages 2-4.

Section 1

Include your most up-to-date contact information. If this information has recently changed, please check the box.

Section 2

Item 2: Check the box labeled ‘IBR’ as that is the only income-driven plan that applies to FFELP loans.

Item 4: If your FFELP loan account is in a deferment or forbearance, and you want to begin repayment under IBR only when that deferment or forbearance ends rather than immediately, check the third box. If this is the case, please do not submit this form more than 90 days before the deferment or forbearance ends or your request will be denied as premature.

Section 4A

Based on your answer to Item 7, only fill out one of the following sections: 4B, 4C or 4D.

If you checked ‘Yes’ to Items 8 and 10, also do the following:

If your spouse has Federal loans with servicers other than CONDUNT, be sure he/she logs on to NSLDS (www.nslds.ed.gov) and gives CONDUENT (Organization Code 700006) temporary access TO his/her federal student loan information. Without this authorization from your spouse, we may be unable to accurately determine your eligibility for IBR and may have to deny your request.

Section 5

Please carefully read this section to determine the appropriate documentation you must send with this form to verify your income. Do not send documentation of income if you indicated in Sections 4B, 4C, or 4D that neither you nor your spouse, if applicable, currently have taxable income.

Section 6

Sign and date the form. If you answered ‘Yes’ to Items 8 and 10, or you have a Spousal Consolidation Loan, your spouse must also sign the form.

Instructions for Submitting the Application

Mail: CONDUENT Education Services

P.O. Box 7777

Utica, NY 13504-7777

Fax: 315-738-2232

Please return pages 1-4 of your completed IDR form with documentation of your income if applicable.

Please allow 10-14 days to review and process your request after we receive it. We will send you written notification of approval or denial of your request.

You may also verify status of your request by calling our Automated Voice Response System at

800-835-4611 or logging in to your account at www.cONDUENTeducation.com. Use the document processing status calculator to estimate when your application will be processed.

OMB No. 1845-0102 Form Approved Exp. Date 10/31/2018

INCOME-DRIVEN REPAYMENT (IDR) PLAN REQUEST

For the Revised Pay As You Earn (REPAYE), Pay As You Earn (PAYE), Income-Based Repayment (IBR), and Income-Contingent Repayment (ICR) plans under the William D. Ford Federal Direct Loan (Direct Loan) Program and Federal Family Education Loan (FFEL) Programs

IDR WARNING: Any person who knowingly makes a false statement or misrepresentation on this form or on any accompanying document is subject to penalties that may include fines, imprisonment, or both, under the U.S. Criminal Code and 20 U.S.C. 1097.

SECTION 1: BORROWER INFORMATION

Please enter or correct the following information.

Check this box if any of your information has changed.

SSN

Name

Address

City

 

State

 

Zip Code

 

 

 

 

 

Telephone - Primary

Telephone - Alternate

Email (Optional)

SECTION 2: REPAYMENT PLAN OR RECERTIFICATION REQUEST

It's faster and easier to complete this form online at StudentLoans.gov. You can learn more at StudentAid.gov/IDR and by reading Sections 9 and 10. It's simple to get repayment estimates at StudentAid.gov/repayment-estimator. If you need help with this form, contact your loan holder or servicer for free assistance. You can find out who your loan holder or servicer is at StudentAid.gov/login. You may have to pay income tax on any loan amount forgiven under an income-driven plan.

1.Select the reason you are submitting this form (Check only one):

I want to enter an income-driven plan - Continue to Item 2.

I am submitting documentation for the annual recertification of my income-driven payment - Skip to Item 5.

I am submitting documentation early to have my income-driven payment recalculated immediately - Skip to Item 5.

I want to change to a different income-driven plan - Continue to Item 2.

2. Choose a plan and then continue to Item 3.

3. Do you have multiple loan holders or servicers?

Yes - Submit a request to each holder or servicer. Continue to Item 4.

No - Continue to item 4.

4.Are you currently in deferment or forbearance? After answering, continue to Item 5.

No.

Yes, but I want to start making payments under my plan immediately.

Yes, and I do not want to start repaying my loans until the deferment or forbearance ends.

(Recommended) I want the income-driven repayment plan with the lowest monthly payment.

REPAYE

IBR

PAYE

ICR

Note: If you have FFEL Program loans, they are only eligible for IBR. However, you can consolidate your loans at StudentLoans.gov to access more beneficial income-driven repayment plans.

SECTION 3: FAMILY SIZE INFORMATION

5. How many children, including unborn

 

6. How many other people, excluding your

children, are in your family and receive more

 

spouse and children, live with you and receive

than half of their support from you?

 

more than half of their support from you?

 

 

 

Note: A definition of "family size" is provided in Section 9. Do not enter a value for you or your spouse. Those values are automatically included in your family size, if appropriate.

Page 1 of 10

Borrower Name

 

Borrower SSN

 

 

 

SECTION 4A: MARITAL STATUS INFORMATION

7. What is your marital status?

Single - Skip to Item 11. Married - Continue to Item 8.

Married, but separated - You will be treated as single. Skip to Item 11.

Married, but cannot reasonably access my spouse's income information - You will be treated as single. Skip to Item 11.

8. Does your spouse have federal student loans?

Yes - Continue to Item 9.

No - Skip to Item 10.

9.Provide the following information about your spouse and then continue to Item 10:

a.Spouse's SSN

b.Spouse's Name

c.Spouse's Date of Birth

10.When you filed your last federal income tax return, did you file jointly with your spouse?

Yes - Continue to Item 13.

No - Skip to Item 17.

SECTION 4B: INCOME INFORMATION FOR SINGLE BORROWERS AND MARRIED BORROWERS TREATED AS SINGLE

11.Has your income significantly changed since you filed your last federal income tax return?

For example, have you lost your job, experienced a drop in income, or gotten divorced, or did you most recently file a joint return with your spouse, but you have since become separated or lost the ability to access your spouse's income information?

Yes - Continue to Item 12.

No - Provide your most recent federal income tax return or transcript. Skip to Section 6.

I haven't filed a federal income tax return in the last two years - Continue to Item 12.

12. Do you currently have taxable income?

Check "No" if you do not have any income or receive only untaxed income.

Yes - Provide documentation of your income as instructed in Section 5. Skip to that Section.

No - You are not required to provide documentation of your income. Skip to Section 6.

Note: Remember, any person who knowingly makes a false statement or misrepresentation on this form can be subject to penalties including fines, imprisonment, or both.

SECTION 4C: INCOME INFORMATION FOR MARRIED BORROWERS FILING JOINTLY

13.Has your income significantly changed since you filed your last federal income tax return?

For example, have you lost your job or experienced a drop in income?

Yes - Skip to Item 15.

No - Continue to Item 14.

We haven't filed a federal income tax return in the last two years - Skip to Item 15.

14.Has your spouse's income significantly changed since your spouse filed his or her last federal income tax return?

For example, has your spouse lost his or her job or experienced a drop in income?

Yes - Continue to Item 15.

No - Provide your and your spouse's most recent federal income tax return or transcript. Skip to Section 6.

15. Do you currently have taxable income?

Check "No" if you have no taxable income or receive only untaxed income.

Yes - You must provide documentation of your income according to the instructions in Section 5. Continue to Item 16.

No - You are not required to provide documentation of your income. Continue to Item 16.

16.Does your spouse currently have taxable income? Check "No" if your spouse has no taxable income or

receives only untaxed income.

Yes - Skip to Section 5 and provide documentation of your spouse's income as instructed in that section.

No - You are not required to provide documentation of your spouse's income. If you selected "Yes" to Item 15, skip to Section 5 and document your income. If you selected "No" to Item 15, skip to Section 6.

Note: Remember, any person who knowingly makes a false statement or misrepresentation on this form can be subject to penalties including fines, imprisonment, or both.

Page 2 of 10

Borrower Name

 

Borrower SSN

 

 

 

SECTION 4D: INCOME INFORMATION FOR MARRIED BORROWERS FILING SEPARATELY

17.Has your income significantly changed since you filed your last federal income tax return?

For example, have you lost your job or experienced a drop in income?

Yes - Continue to Item 18.

No - Provide your most recent federal income tax return or transcript. Skip to Item 19.

I haven't filed a federal income tax return in the past two years - Continue to Item 18.

18. Do you currently have taxable income?

Check "No" if you have no taxable income or receive only untaxed income. After answering, continue to Item 19.

Yes - You must provide documentation of your income as instructed in Section 5.

No.

Note: Remember, any person who knowingly makes a false statement or misrepresentation on this form can be subject to penalties including fines, imprisonment, or both.

19.Has your spouse's income significantly changed since your spouse filed his or her last federal income tax return?

For example, has your spouse lost a job or experienced a drop in income?

Yes - Continue to Item 20.

No - Provide your spouse's most recent federal income tax return or transcript. This information will only be used if you are on or placed on the REPAYE Plan. Skip to Section 6.

My spouse hasn't filed a federal income tax return in the past two years - Continue to Item 20.

20. Does your spouse currently have taxable income? Check "No" if your spouse has no taxable income or

receives only untaxed income.

Yes - Skip to Section 5 and provide documentation of your spouse's income as instructed in that section. This information will only be used if you are on or placed on the REPAYE Plan.

No - You are not required to provide documentation of your spouse's income. If you selected "Yes" to Item 18, skip to Section 5 and document your income. If you selected "No" to Item 18, skip to Section 6.

SECTION 5: INSTRUCTIONS FOR DOCUMENTING CURRENT INCOME

You only need to follow these instructions if, based on your answers in Section 4, you and your spouse (if applicable) were instructed to provide documentation of your current income instead of a tax return or tax transcript.

This is the income you must document:

You must provide documentation of all taxable income you and your spouse (if applicable) currently receive.

Taxable income includes, for example, income from employment, unemployment income, dividend income, interest income, tips, and alimony.

Do not provide documentation of untaxed income such as Supplemental Security Income, child support, or federal or state public assistance.

This is how you document your income:

Documentation will usually include a pay stub or letter from your employer listing your gross pay.

Write on your documentation how often you receive the income, for example, “twice per month” or “every other week."

You must provide at least one piece of documentation for each source of taxable income.

If documentation is not available or you want to explain your income, attach a signed statement explaining each source of income and giving the name and the address of each source of income.

The date on any supporting documentation you provide must be no older than 90 days from the date you sign this form.

Copies of documentation are acceptable.

After gathering the appropriate documentation, continue to Section 6.

Page 3 of 10

Borrower Name

 

Borrower SSN

 

 

 

SECTION 6: BORROWER REQUESTS, UNDERSTANDINGS, AUTHORIZATION, AND CERTIFICATION

If I am requesting an income-driven repayment plan or seeking to change income-driven repayment plans, I request:

That my loan holder place me on the plan I selected in Section 2 to repay my eligible Direct Loan or FFEL Program loans held by the holder to which I submit this form.

If I do not qualify for the plan or plans I requested, or did not make a selection in Item 2, that my loan holder place me on the plan with the lowest monthly payment amount.

If I selected more than one plan, that my loan holder place me on the plan with the lowest monthly payment amount from the plans that I requested.

If more than one of the plans that I selected provides the same initial payment amount, or if my loan holder is determining which of the income-driven plans I qualify for, that my loan holder use the following order in choosing my plan: REPAYE (if my repayment period is 20 years), PAYE, REPAYE (if my repayment period is 25 years), IBR, and then ICR.

If I am not currently on an income-driven repayment plan, but I did not complete Item 1 or I incorrectly indicated in Item 1 that I was already in an income-driven repayment plan, I request that my loan holder treat my request as if I had indicated in Item 1 that I wanted to enter an income-driven repayment plan.

If I am currently repaying my Direct Loans under the IBR plan and I am requesting a change to a different income-driven plan, I request a one-month reduced-payment forbearance in the amount of my current monthly IBR payment or $5, whichever is greater (unless I request another amount below or I decline the forbearance), to help me move from IBR to the new income-driven plan I requested.

I request a one-month reduced-payment forbearance in the amount of:

(must be at least $5).

I understand that:

If I do not provide my loan holder with this completed form and any other required documentation, I will not be placed on the plan that I requested or my request for recertification or recalculation will not be processed.

I may choose a different repayment plan for any loans that are not eligible for income-driven repayment.

If I requested a reduced-payment forbearance of less than $5 above, my loan holder will grant my forbearance request in the amount of $5.

If I am requesting a change from the IBR Plan to a different income-driven repayment plan, I may decline the one-month reduced payment forbearance described above by contacting my loan holder. If I decline the forbearance, I will be placed on the Standard Repayment Plan and must make one monthly payment under that plan before I can be placed on a different repayment plan.

If I am requesting the ICR plan, my initial payment amount will be the amount of interest that accrues each month on my loan until my loan holder receives the income documentation needed to calculate my payment amount. If I cannot afford the initial payment amount, I may request a forbearance by contacting my loan holder.

If I am married and I request the ICR plan, my spouse and I have the option of repaying our Direct Loans jointly under this plan. My loan servicer can provide me with information about this option.

If I have FFEL Program loans, my spouse may be required to give my loan holder access to his or her loan information in the National Student Loan Data System (NSLDS). If this applies to me, my loan holder will contact me with instructions.

My loan holder may grant me a forbearance while processing my application or to cover any period of delinquency that exists when I submit my application.

I authorize the loan holder to which I submit this request (and its agents or contractors) to contact me regarding my request or my loans, including the repayment of my loans, at any number that I provide on this form or any future number that I provide for my cellular telephone or other wireless device using automated dialing equipment or artificial or prerecorded voice or text messages.

I certify that all of the information I have provided on this form and in any accompanying documentation is true, complete, and correct to the best of my knowledge and belief.

Borrower's Signature

Date

 

 

Date

Spouse's Signature

 

 

 

If you are married, your spouse is required to sign this form unless you are separated from your spouse or you're unable to reasonably access your spouse's income information.

Page 4 of 10

SECTION 7: WHERE TO SEND THE COMPLETED FORM

Return the completed form and any documentation to: (If no address is shown, return to your loan holder.)

If you need help completing this form call:

(If no phone number is shown, call your loan holder.)

SECTION 8: INSTRUCTIONS FOR COMPLETING THE FORM

Type or print using dark ink. Enter dates as month-day-year (mm-dd-yyyy). Example: March 14, 2015 = 03-14-2015. Include your name and account number on any documentation that you are required to submit with this form. Return the completed form and any required documentation to the address shown in Section 7.

SECTION 9: DEFINITIONS

COMMON DEFINITIONS FOR ALL PLANS:

The holder of your Direct Loans is the U.S. Department of

Capitalization is the addition of unpaid interest to

Education (the Department). The holder of your FFEL Program

the principal balance of your loan. This will increase the

loans may be a lender, secondary market, guaranty agency, or

principal balance and the total cost of your loan.

the Department. Your loan holder may use a servicer to

A deferment is a period during which you are

handle billing, payment, repayment options, and other

entitled to postpone repayment of your loans. Interest is

communications. References to “your loan holder” on this

not generally charged to you during a deferment on your

form mean either your loan holder or your servicer.

subsidized loans. Interest is always charged to you during

A partial financial hardship is an eligibility requirement

a deferment on your unsubsidized loans.

for the PAYE and IBR plans. You have a partial financial

The William D. Ford Federal Direct Loan (Direct

hardship when the annual amount due on all of your eligible

Loan) Program includes Direct Subsidized Loans, Direct

loans (and, if you are required to provide documentation of

Unsubsidized Loans, Direct PLUS Loans, and Direct

your spouse's income, the annual amount due on your

Consolidation Loans.

spouse's eligible loans) exceeds what you would pay under

Family size always includes you and your children

PAYE or IBR.

(including unborn children who will be born during the

The annual amount due is calculated based on the greater

year for which you certify your family size), if the children

of (1) the total amount owed on eligible loans at the time

will receive more than half their support from you.

those loans initially entered repayment, or (2) the total

For the PAYE, IBR, and ICR Plans, family size always

amount owed on eligible loans at the time you initially

includes your spouse. For the REPAYE plan, family size

request the PAYE or IBR plan. The annual amount due is

includes your spouse unless your spouse's income is

calculated using a standard repayment plan with a 10-year

excluded from the calculation of your payment amount.

repayment period, regardless of loan type. When determining

For all plans, family size also includes other people

whether you have a partial financial hardship for the PAYE

only if they live with you now, receive more than half

plan, the Department will include any FFEL Program loans

their support from you now, and will continue to receive

that you have into account even though those loans are not

this support for the year that you certify your family size.

eligible to be repaid under the PAYE plan, except for: (1) a

Support includes money, gifts, loans, housing, food,

FFEL Program loan that is in default, (2) a Federal PLUS Loan

clothes, car, medical and dental care, and payment of

made to a parent borrower, or (3) a Federal Consolidation

college costs. Your family size may be different from the

Loan that repaid a Federal or Direct PLUS Loan made to a

number of exemptions you claim for tax purposes.

parent borrower.

The Federal Family Education Loan (FFEL) Program

The poverty guideline amount is the figure for your

includes Federal Stafford Loans (both subsidized and

state and family size from the poverty guidelines

unsubsidized), Federal PLUS Loans, Federal

published annually by the U.S. Department of Health and

Consolidation Loans, and Federal Supplemental Loans

Human Services (HHS). If you are not a resident of a state

for Students (SLS).

identified in the poverty guidelines, your poverty

A forbearance is a period during which you are

guideline amount is the amount used for the 48

permitted to postpone making payments temporarily,

contiguous states.

allowed an extension of time for making payments, or

The standard repayment plan has a fixed monthly

temporarily allowed to make smaller payments than

payment amount over a repayment period of up to 10

scheduled.

years for loans other than Direct or Federal Consolidation

 

Loans, or up to 30 years for Direct and Federal

 

Consolidation Loans.

Page 5 of 10

SECTION 9: DEFINITIONS (CONTINUED)

DEFINITIONS FOR THE REPAYE PLAN:

DEFINITIONS FOR THE ICR PLAN:

The Revised Pay As You Earn (REPAYE) plan is a

The Income-Contingent Repayment (ICR) plan is a

repayment plan with monthly payments that are

repayment plan with monthly payments that are the

generally equal to 10% of your discretionary income,

lesser of (1) what you would pay on a repayment plan

divided by 12.

with a fixed monthly payment over 12 years, adjusted

Discretionary income for the REPAYE plan is the

based on your income or (2) 20% of your discretionary

amount by which your income exceeds 150% of the

income divided by 12.

poverty guideline amount.

Discretionary income for the ICR plan is the amount

Eligible loans for the REPAYE plan are Direct Loan

by which your adjusted gross income exceeds the

Program loans other than: (1) a loan that is in default, (2)

poverty guideline amount for your state of residence and

a Direct PLUS Loan made to a parent borrower, or (3) a

family size.

Direct Consolidation Loan that repaid a Direct or Federal

Eligible loans for the ICR plan are Direct Loan Program

PLUS Loan made to a parent borrower.

loans other than: (1) a loan that is in default, (2) a Direct PLUS

DEFINITIONS FOR THE PAYE PLAN:

Loan made to a parent borrower, or (3) a Direct PLUS

The Pay As You Earn (PAYE) plan is a repayment

Consolidation Loan (based on an application received prior to

plan with monthly payments that are generally equal to

July 1, 2006 that repaid Direct or Federal PLUS Loans made to

10% of your discretionary income, divided by 12.

a parent borrower). However, a Direct Consolidation Loan

Discretionary income for the PAYE plan is the

made based on an application received on or after July 1,

amount by which your income exceeds 150% of the

2006 that repaid a Direct or Federal PLUS Loan made to a

poverty guideline amount.

parent borrower is eligible for the ICR plan.

Eligible loans for the PAYE plan are Direct Loan

 

Program loans other than: (1) a loan that is in default, (2)

 

a Direct PLUS Loan made to a parent borrower, or (3) a

 

Direct Consolidation Loan that repaid a Direct or Federal

 

PLUS Loan made to a parent borrower.

 

You are a new borrower for the PAYE plan if: (1) you

 

have no outstanding balance on a Direct Loan or FFEL

 

Program loan as of October 1, 2007 or have no

 

outstanding balance on a Direct Loan or FFEL Program

 

loan when you obtain a new loan on or after October 1,

 

2007, and (2) you receive a disbursement of an eligible

 

loan on or after October 1, 2011, or you receive a Direct

 

Consolidation Loan based on an application received on

 

or after October 1, 2011.

 

DEFINITIONS FOR THE IBR PLAN:

 

The Income-Based Repayment (IBR) plan is a

 

repayment plan with monthly payments that are

 

generally equal to 15% (10% if you are a new borrower)

 

of your discretionary income, divided by 12.

 

Discretionary income for the IBR plan is the amount

 

by which your adjusted gross income exceeds 150% of

 

the poverty guideline amount.

 

Eligible loans for the IBR plan are Direct Loan and

 

FFEL Program loans other than: (1) a loan that is in

 

default, (2) a Direct or Federal PLUS Loan made to a

 

parent borrower, or (3) a Direct or Federal Consolidation

 

Loan that repaid a Direct or Federal PLUS Loan made to a

 

parent borrower.

 

You are a new borrower for the IBR plan if (1) you

 

have no outstanding balance on a Direct Loan or FFEL

 

Program loan as of July 1, 2014 or (2) have no

 

outstanding balance on a Direct Loan or FFEL Program

 

loan when you obtain a new loan on or after July 1, 2014.

 

Page 6 of 10

SECTION 10: INCOME-DRIVEN PLAN ELIGIBILITY REQUIREMENTS AND GENERAL INFORMATION

Table 1. Income-Driven Plan Eligibility Requirements and General Information

 

 

 

 

 

Plan Feature

REPAYE

PAYE

IBR

ICR

 

 

 

 

 

Payment

Generally, 10% of discretionary income.

Generally, 10% of discretionary

Never more than 15% of

Lesser of 20% of discretionary

Amount

 

income.

discretionary income.

income or what you would pay

 

 

 

 

under a repayment plan with fixed

 

 

 

 

payments over 12 years, adjusted

 

 

 

 

based on your income.

Cap on

None. Your payment may exceed what

What you would have paid under

What you would have paid under

None. Your payment may exceed

Payment

you would have paid under the 10-year

the 10-year standard repayment

the 10-year standard repayment

what you would have paid under

Amount

standard repayment plan.

plan when you entered the plan.

plan when you entered the plan.

the 10-year standard repayment

 

 

 

 

plan.

 

 

 

 

 

Married

Your payment will be based on the

Your payment will be based on the

Your payment will be based on the

Your payment will be based on the

Borrowers

combined income and loan debt of you

combined income and loan debt of

combined income and loan debt

combined income of you and your

 

and your spouse regardless of whether

you and your spouse only if you

of you and your spouse only if you

spouse only if you file a joint

 

you file a joint or separate Federal

file a joint Federal income tax

file a joint Federal income tax

Federal income tax return, unless

 

income tax return, unless you and your

return, unless you and your spouse

return, unless you and your spouse

you and your spouse (1) are

 

spouse (1) are separated or (2) you are

(1) are separated or (2) you are

(1) are separated or (2) you are

separated or (2) you are unable to

 

unable to reasonably access your

unable to reasonably access your

unable to reasonably access your

reasonably access your spouse's

 

spouse's income information.

spouse's income information.

spouse's income information.

income information.

 

 

 

 

 

Borrower

On subsidized loans, you do not have to

On subsidized loans, you do not

On subsidized loans, you do not

You are responsible for paying all

Responsibility

pay the difference between your

have to pay the difference

have to pay the difference

of the interest that accrues.

for Interest

monthly payment amount and the

between your monthly payment

between your monthly payment

 

 

interest that accrues for your first 3

amount and the interest that

amount and the interest that

 

 

consecutive years in the plan. On

accrues for your first 3 consecutive

accrues for your first 3 consecutive

 

 

subsidized loans after this period and on

years in the plan.

years of in the plan.

 

 

unsubsidized loans during all periods,

 

 

 

 

you only have to pay half the difference

 

 

 

 

between your monthly payment amount

 

 

 

 

and the interest that accrues.

 

 

 

 

 

 

 

 

Forgiveness

If you only have eligible loans that you

Any remaining balance is forgiven

Any remaining balance is forgiven

Any remaining balance is forgiven

Period

received for undergraduate study, any

after 20 years of qualifying

after no more than 25 years of

after 25 years of qualifying

 

remaining balance is forgiven after 20

repayment, and may be taxable.

qualifying repayment, and may be

repayment, and may be taxable

 

years of qualifying repayment. If you

 

taxable.

 

 

have any eligible loans that you received

 

 

 

 

for graduate or professional study, any

 

 

 

 

remaining balance is forgiven after 25

 

 

 

 

years of qualifying repayment on all of

 

 

 

 

your loans. Forgiveness may be taxable.

 

 

 

 

 

 

 

 

 

 

Page 7 of 10

 

 

SECTION 10: INCOME-DRIVEN PLAN ELIGIBILITY REQUIREMENTS AND GENERAL INFORMATION

Plan Feature

REPAYE

PAYE

IBR

ICR

 

 

 

 

 

Income

None.

You must have a “partial financial

You must have a “partial financial

None.

Eligibility

 

hardship”.

hardship”.

 

 

 

 

 

 

Borrower

You must be a Direct Loan borrower

You must be a “new borrower”

You must be a Direct Loan or FFEL

You must be a Direct Loan

Eligibility

with eligible loans.

with eligible Direct Loans.

borrower with eligible loans.

borrower with eligible loans.

 

 

 

 

 

Recertify

Annually. Failure to submit

Annually. Failure to submit

Annually. Failure to submit

Annually. Failure to submit

Income and

documentation by the deadline will

documentation by the deadline

documentation by the deadline

documentation by the deadline

Family Size

result in capitalization of interest and

may result in the capitalization of

will result in the capitalization of

will result in the recalculation of

 

increasing your payment to ensure that

interest and will increase the

interest and increase in payment

your payment amount to be the

 

your loan is paid in full over the lesser of

payment amount to the 10-year

amount to the 10-year standard

10-year standard payment amount.

 

10 or the remainder of 20 or 25 years.

standard payment amount.

payment amount.

 

 

 

 

 

 

Leaving the

At any time, you may change to any

At any time, you may change to

If you want to leave the plan, you

At any time, you may change to

Plan

other repayment plan for which you are

any other repayment plan for

will be placed on the standard

any other repayment plan for

 

eligible.

which you are eligible.

repayment plan. You may not

which you are eligible.

 

 

 

change plans until you have made

 

 

 

 

one payment under that plan or a

 

 

 

 

reduced-payment forbearance.

 

Interest

Interest is capitalized when you are

If you are determined to no longer

If you are determined to no longer

Interest that accrues when your

Capitalization

removed from the plan for failing to

have a “partial financial hardship”

have a “partial financial hardship”,

payment amount is less than

 

recertify your income by the deadline or

or if you fail to recertify your

fail to recertify your income by the

accruing interest on your loans is

 

when you voluntarily leave the plan.

income by the deadline, interest is

deadline, or leave the plan,

capitalized annually until the

 

 

capitalized until the outstanding

interest is capitalized.

outstanding principal balance on

 

 

principal balance on your loans is

 

your loans is 10% greater than it

 

 

10% greater than it was when you

 

was when your loans entered

 

 

entered the plan. It is also

 

repayment.

 

 

capitalized if you leave the plan.

 

 

 

 

 

 

 

Re-Entering

Your loan holder will compare the total

You must again show that you

You must again show that you

No restrictions.

the Plan

of what you would have paid under

have a “partial financial hardship”.

have a “partial financial hardship”.

 

 

REPAYE to the total amount you were

 

 

 

 

required to pay after you left REPAYE. If

 

 

 

 

the difference between the two shows

 

 

 

 

that you were required to paid less by

 

 

 

 

leaving REPAYE, your new REPAYE

 

 

 

 

payment will be increased. The increase

 

 

 

 

is equal to the difference your loan

 

 

 

 

holder calculated, divided by the

 

 

 

 

number of months remaining in the 20-

 

 

 

 

or 25-year forgiveness period.

 

 

 

 

 

 

 

 

Page 8 of 10

SECTION 11: SAMPLE PAYMENT AMOUNTS

The tables below provide repayment estimates under the traditional and income-driven repayment plans. These figures are estimates based on an interest rate of 6%, the average Direct Loan interest rate for undergraduate and graduate borrowers. The figures also assume a family size of 1, that you live in the continental U.S., and that your income increases 5% each year. Various factors, including your interest rate, your loan debt, your income, if and how quickly your income rises, and when you started borrowing may cause your repayment to differ from the estimates shown in these tables. These figures use the 2016 Poverty Guidelines and Income Percentage Factors.

Table 2. Non-Consolidation, Undergraduate Loan Debt of $30,000 in Direct Unsubsidized Loans and Starting Income of $25,000

Repayment

Initial

Final

Time in

Total

Loan

Plan

Payment

Payment

Repayment

Paid

Forgiveness

Standard

$333

$333

10 years

$33,967

N/A

 

 

 

 

 

 

Graduated

$190

$571

10 years

$42,636

N/A

 

 

 

 

 

 

Extended-

Ineligible

-

-

-

-

Fixed

 

 

 

 

 

Extended-

Ineligible

-

-

-

-

Graduated

 

 

 

 

 

PAYE

$60

$296

20 years

$38,105

$27,823

 

 

 

 

 

 

REPAYE

$60

$296

20 years

$38,105

$24,253

 

 

 

 

 

 

IBR

$90

$333

21 years, 10

$61,006

$0

months

 

 

 

 

 

ICR

$195

$253

19 years, 6

$52,233

$0

months

 

 

 

 

 

 

 

 

 

 

 

Table 3. Non-Consolidation, Graduate Loan Debt of $60,000 in Direct Unsubsidized Loans and Starting Income of $40,000

Repayment

Initial

Final

Time in

Total

Loan

Plan

Payment

Payment

Repayment

Paid

Forgiveness

Standard

$666

$666

10 years

$79,935

N/A

 

 

 

 

 

 

Graduated

$381

$1,143

10 years

$85,272

N/A

 

 

 

 

 

 

Extended-

$437

$437

25 years

$130,974

N/A

Fixed

 

 

 

 

 

Extended-

$300

$582

25 years

$126,168

N/A

Graduated

 

 

 

 

 

 

 

 

 

 

 

PAYE

$185

$612

20 years

$87,705

$41,814

 

 

 

 

 

 

REPAYE

$185

$816

25 years

$131,444

$0

 

 

 

 

 

 

IBR

$277

$666

18 years, 3

$107,905

$0

 

 

 

months

 

 

ICR

$469

$588

13 years, 9

$89,468

$0

months

 

 

 

 

 

 

 

 

 

 

 

Page 9 of 10

SECTION 12: IMPORTANT NOTICES

Privacy Act Notice. The Privacy Act of 1974 (5 U.S.C.

To assist program administrators with tracking

552a) requires that the following notice be provided to you:

refunds and cancellations, disclosures may be made to

The authorities for collecting the requested

guaranty agencies, to financial and educational institutions,

or to federal or state agencies. To provide a standardized

information from and about you are §421 et seq. and §451

method for educational institutions to efficiently submit

et seq. of the Higher Education Act of 1965, as amended (20

student enrollment statuses, disclosures may be made to

U.S.C. 1071 et seq. and 20 U.S.C. 1087a et seq.), and the

guaranty agencies or to financial and educational

authorities for collecting and using your Social Security

institutions. To counsel you in repayment efforts, disclosures

Number (SSN) are §§428B(f) and 484(a)(4) of the HEA (20

may be made to guaranty agencies, to financial and

U.S.C. 1078-2(f) and 1091(a)(4)) and 31 U.S.C. 7701(b).

educational institutions, or to federal, state, or local

Participating in the Federal Family Education Loan (FFEL)

agencies.

Program or the William D. Ford Federal Direct Loan (Direct

 

Loan) Program and giving us your SSN are voluntary, but

In the event of litigation, we may send records to the

you must provide the requested information, including your

Department of Justice, a court, adjudicative body, counsel,

SSN, to participate.

party, or witness if the disclosure is relevant and necessary

The principal purposes for collecting the

to the litigation. If this information, either alone or with

other information, indicates a potential violation of law, we

information on this form, including your SSN, are to verify

may send it to the appropriate authority for action. We may

your identity, to determine your eligibility to receive a loan

send information to members of Congress if you ask them

or a benefit on a loan (such as a deferment, forbearance,

to help you with federal student aid questions. In

discharge, or forgiveness) under the FFEL and/or Direct

circumstances involving employment complaints,

Loan Programs, to permit the servicing of your loans, and, if

grievances, or disciplinary actions, we may disclose relevant

it becomes necessary, to locate you and to collect and

records to adjudicate or investigate the issues. If provided

report on your loans if your loans become delinquent or

for by a collective bargaining agreement, we may disclose

default. We also use your SSN as an account identifier and to

records to a labor organization recognized under 5 U.S.C.

permit you to access your account information

Chapter 71. Disclosures may be made to our contractors for

electronically.

the purpose of performing any programmatic function that

The information in your file may be disclosed, on a

requires disclosure of records. Before making any such

case-by-case basis or under a computer matching program,

disclosure, we will require the contractor to maintain Privacy

to third parties as authorized under routine uses in the

Act safeguards. Disclosures may also be made to qualified

appropriate systems of records notices. The routine uses of

researchers under Privacy Act safeguards.

this information include, but are not limited to, its disclosure

Paperwork Reduction Notice. According to the

to federal, state, or local agencies, to private parties such as

Paperwork Reduction Act of 1995, no persons are required

relatives, present and former employers, business and

to respond to a collection of information unless it displays a

personal associates, to consumer reporting agencies, to

valid OMB control number. The valid OMB control number

financial and educational institutions, and to guaranty

for this information collection is 1845-0102. Public reporting

agencies in order to verify your identity, to determine your

burden for this collection of information is estimated to

eligibility to receive a loan or a benefit on a loan, to permit

average 20 minutes (0.33 hours) per response, including

the servicing or collection of your loans, to enforce the

time for reviewing instructions, searching existing data

terms of the loans, to investigate possible fraud and to verify

sources, gathering and maintaining the data needed, and

compliance with federal student financial aid program

completing and reviewing the information collection.

regulations, or to locate you if you become delinquent in

Individuals are obligated to respond to this collection to

your loan payments or if you default. To provide default rate

obtain a benefit in accordance with 34 CFR 682.215,

calculations, disclosures may be made to guaranty agencies,

685.209, or 685.221.

to financial and educational institutions, or to state

If you have comments or concerns regarding the

agencies. To provide financial aid history information,

status of your individual submission of this form, please

disclosures may be made to educational institutions.

contact your loan holder directly (see Section 7).

 

Page 10 of 10

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