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What Are Income-Driven Repayment (IDR) Plans?

Income-Driven Repayment (IDR) Plans are a keen option if your monthly payment feels high compared to your income. These plans can make payments more manageable, help yous make progress on your loan, and provide flexibility as your income changes.

At that place are four IDR Plans available, all of which come with different features based on your needs. We explicate the qualifications for each plan beneath. All IDR Plans are eligible options to aid you qualify for Public Service Loan Forgiveness (a program available to eligible borrowers who work in public/nonprofit jobs).

Sentinel these videos for a quick introduction to IDR Plans.

• This video is a basic overview of the IDR Plans.

• A deeper expect into how IDR Plans can help you lot repay your student loans.

What Information Do I Gather Earlier Applying?

There are a few things you'll need to take ready earlier you complete the Income-Driven Repayment Program Asking. In this section, we'll share what those things are and tell you the process for making the request.

Here's What You lot'll Need

Use your FSA ID to sign in to the StudentLoans.gov website and start your Income-Driven Repayment Programme Request. If you don't have an FSA ID, visit www.fsaid.ed.gov.

Yous'll need your address, electronic mail address, and phone number.

Your spouse will besides demand to sign the electronic awarding unless you are separated or cannot reasonably access your spouse's income.

One time you've started your Income-Driven Repayment Program Asking online, you'll be linked to the IRS Data Retrieval Tool. It'due south the easiest way to access and transfer your IRS tax return information. Using the online tool helps ensure your data is consummate and that processing will be timely.

Once yous're on the IRS website, you lot'll be asked to enter personal information to display your IRS tax render information. You'll then exist able to hands transfer your data from the IRS website and return to your Income-Driven Repayment Plan Request on the StudentLoans.gov website.

If your income is significantly different from your almost recently filed tax render, later completing the electronic awarding, you lot're required to provide Nelnet with proof of your current dated gross income (before taxes). Proof of income needs to exist from all sources (due east.g., wages, unemployment, dividend income, interest income, tips, alimony, etc.). Acceptable documents include a pay stub or a signed letter from your employer(due south) on visitor letterhead. Documents must be dated in the last xc days and include the following:

• Your showtime and terminal names along with your SSN or Nelnet account number
• Data on how frequently you are paid

Do non report untaxed income such as Supplemental Security Income, child support, or federal and state public assistance.

If you determine to complete the newspaper Income-Driven Repayment Plan Asking, you'll demand to provide a copy of your most contempo federal taxation return or the income documentation noted above.

You can also watch these videos for more than information about the documents y'all'll need to utilize for IDR Plans.

Notation: If you are separated from your spouse or unable to easily access your spouse's income information, refer to the Single Borrowers video.

How to Apply

For a step-by-step guide to filling out the paper IDR Plan application, watch this video as you complete the grade.

What Is Recertification?

Since circumstances can change from i year to the adjacent, you lot must recertify your information annually to continue under an IDR Plan. This data includes income and family size. A change in ane or both of these variables can change your monthly payment amount. Don't forget to submit the applicable documentation each twelvemonth earlier your recertification date.

Go to StudentAid.gov/app/ibrInstructions.action to complete the recertification process.

What Are the Four IDR Plans?

Revised Pay As You Earn Repayment (REPAYE)

This repayment programme, known as REPAYE, is for certain Direct Loans merely. Your monthly payment amount is based on your adjusted gross income, family size, and full eligible federal student loan remainder, and volition generally exist 10 percent of your discretionary income. Your remaining loan balance is eligible for forgiveness after 20 or 25 years of qualifying payments, depending on your type of study (undergraduate or graduate/professional person). Please note that some pupil loans are not eligible for this plan, including: Federal Family unit Educational activity Loan Program (FFELP) Loans, Federal Straight Parent PLUS Loans, and Federal Direct Consolidation Loans containing at least 1 Federal Straight Parent PLUS Loan.

Visit StudentAid.gov/app/ibrInstructions.activity or log in to your Nelnet.com business relationship to run across if you are eligible for the REPAYE Plan.

Pay Equally You Earn Repayment (PAYE)

This repayment plan, known as PAYE, is for Direct Loans merely. Your monthly payment amount is based on your adjusted gross income, family size, and total federal student loan balance, and will mostly be 10 pct of your discretionary income. This plan requires that you have a "partial financial hardship" equally defined on the Income-Driven Repayment Plan Request. Your remaining loan balance is eligible for forgiveness afterwards 20 years of qualifying payments. Yous'll need to run into the post-obit criteria to be eligible:

• Yous must have at least ane eligible Direct Loan first disbursed on or later on Oct 1, 2011.
• You must have been a new borrower every bit of Oct 1, 2007, meaning you lot must not take had an outstanding residual on a FFELP or Direct student loan when you received a FFELP or Directly loan on or later on October 1, 2007.

Visit StudentAid.gov/app/ibrInstructions.action or log in to your Nelnet.com business relationship to see if you lot are eligible for the PAYE Program.

Income-Based Repayment (IBR)

This repayment plan, known every bit IBR, is for both FFELP and Directly Loans. Your payment amount is based on your adjusted gross income, family unit size, and total student loan debt. Your monthly payment amount will mostly be x or xv percent of your discretionary income (depending on your loans' disbursement dates). This programme requires that you have a "fractional financial hardship" as defined on the Income-Driven Repayment Programme Request. Later on 20 or 25 years (depending on the terms of your loan) of qualifying payments, your remaining loan balance is eligible for forgiveness. Parent PLUS loans and consolidation loans (which include at least ane parent PLUS loan) do not qualify for this plan.

Visit StudentAid.gov/app/ibrInstructions.action or log in to your Nelnet.com account to see if y'all are eligible for the IBR Plan.

Income-Contingent Repayment (ICR)

This plan, known as ICR, is for Directly Loans only, and your payments are based on your adjusted gross income, family size, and full Direct Loan balance (excluding parent PLUS loans). Your remaining loan rest is eligible for forgiveness later on 25 years of qualifying payments. Parent PLUS loans and consolidation loans containing parent PLUS loans that entered repayment earlier 2006 do not qualify.

Visit StudentAid.gov/app/ibrInstructions.activeness or log in to your Nelnet.com business relationship to see if yous are eligible for the ICR Program.

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Source: https://www.nelnet.com/income-driven-repayment-plans

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