You must promptly submit to your loan holder this completed form and a copy of your most recent federal income tax return or federal income tax return transcript see section 4, or, if applicable, alternative documentation of your. Revised pay as you earn repayment repaye this repayment plan, known as repaye, is for certain direct loans only. The new electronic ibr pay as you earn icr request functions in the same way as the previous electronic ibr application. You need to complete the incomedriven repayment plan request on studentloans. Please select the reason that you are completing this request by checking box a, b, or c, below. The following loans are not eligible for these plans. W hile you re main in icr, the amo unt of inter est that is capitalized will be limited t o 10 percent of t he outsta nding principal. Your monthly payment amount is based on your adjusted gross income, family size, and total eligible federal student loan balance, and will generally be. For the revised pay as you earn repaye, pay as you earn paye, incomebased repayment ibr, and incomecontingent repayment icr plans under the william d. You can expect to be required to complete the new incomebased ibr pay as you earn incomecontingent icr. Electronic ibr pay as you earn icr repayment plan request attachment to december 2012 electronic announcement page 1 of 7 this document provides a highlevel summary of an electronic incomebased ibr pay as you earn incomecontingent icr repayment plan request available on the studentloans. As used in this section, other than as expressly provided for in paragraph c of this section. Read the ibrpay as you earn revised pay as you earnicr repayment plan overview note.
Revised pay as you earn repaye eligibility requirements. Federal register annual updates to the income contingent. Direct consolidation loans made on or after july 1, 2006 that repaid direct parent plus loans or federal parent plus loans. Incomedriven repayment plans for federal student loans.
Based on your adjusted gross income, family size and total federal student loan debt. Check this box if you owe eligible loans to more than one loan holder. Apply for incomedriven student loan repayment federal. You must promptly submit to your loan holders this completed form and acceptable documentation of your adjusted gross income see section 4, or, if applicable, alternative documentation of your current income see section 5. The revised pay as you earn is the best plan for most borrowers. However, if its not good for you for one of the reasons i mentioned above, then you should consider pay as you earn. Earn paye, revised pay as you earn repaye, or incomecontingent repayment icr plans.
Eligibility based on income, family size, your loan balances and the types of federal student loans you have. An additional benefit of obamas pay as you earn plan is that the remaining balance on your loan can be forgiven after 20 years, depending on certain qualifications. Guide to student loan incomecontingent repayment icr. Mar 27, 2018 the pay as you earn system is a requirement in the united kingdom for all salary earnings, as well as other forms of compensation, if the earnings are expected to meet the national insurance lower. The ibr, paye, and repaye plans provide lower payment amounts than the icr plan for most borrowers. But, loan payments are not capped at standard repayment and there is a marriage penalty. Federal direct loan direct loan and federal family education loan ffel programs. Review some of the differences here, and then use our repayment planner to find the plan that works best for you. For the revised pay as you earn repaye, pay as you earn paye, incomebased ibr, and incomecontingent icr repayment plans under the william d. Incomedriven repayment plans can help lower your monthly student loan payment. As with the paye plan, loan payments are based on 10 percent of discretionary income. It is not available to borrowers in the federal family education loan ffel program. Idr plans include revised pay as you earn repaye, pay as you earn paye, incomebased repayment ibr, and incomecontingent repayment icr plans. Under these plans, your monthly payment is based on your income and family size.
This student loan revised pay as you earn calculator assumes a 3% annual income growth. Incomedriven repayment plan request federal student aid. You can expect to be required to complete the new incomebased ibrpay as you earnincomecontingent icr. Confirm the reason for your request enter your personal. Revised pay as you earn repaye pay as you earn paye incomebased repayment ibr incomecontingent repayment icr these repayment plans are unique. Electronic ibrpay as you earnicr repayment plan request.
Student loan help incomedriven repayment great lakes. In this student loan revised pay as you earn calculator, enter your adjusted gross income, your family size, state of residence and assumed annual income growth. Repaye became available to direct loan borrowers on december 17, 2015 and offers several benefits including. For the revised pay as you earn repaye, pay as you earn paye. How to apply for incomedriven repayment great lakes. Other incomedriven repayment plans include the incomebased repayment ibr plan, the pay as you earn repayment paye plan, and the revised pay as you earn repayment repaye plan. Revised pay as you earn, or repaye, is an incomedriven repayment plan that caps federal student loan payments at 10% of your discretionary income. As used in this section, other than as expressly provided for in paragraph c of this section i adjusted gross income agi means the borrowers adjusted gross income as reported to the internal revenue service. Feb 08, 2019 idr describes several specific types of plans you might have heard of, such as income based repayment ibr, income contingent repayment icr, pay as you earn paye, and revised pay as you earn.
Incomedriven repayment plan request florida student financial. The revised pay as you earn repaye plan was recently created to further ease the burden of student loan debt. You must submit a separate request to each holder of the loans you want to repay under the ibr, pay as you earn, or icr plan. Revised payasyouearn repayment repaye is an updated version of the payasyouearn repayment paye incomedriven repayment plan. Still, if you dont have a blog, you just need to think of another way to reach your target audience like a forum, or a simple landing page.
Under this program, your monthly payments are capped at 20% of your discretionary monthly income and any balance remaining at the end of 25 years may be forgiven as long as you meet the requirements. Ibr pay as you earn icr repayment plan request on the studentloans. Contact your loan servicers to move from ibr to pay as you earn and always document your calls. Documentation for the calculation of the payment amount under the ibr pay as you earn or icr plan or 3 request that your loan holder recalculate your current monthly payment amount because your circumstances have changed. The pay as you earn plan is one of the flexible repayment options available when you consolidate your student loans. Icr is one of several incomedriven repayment plans. Unlike incomebased repayment and payasyouearn repayment, the monthly payment under incomecontingent repayment does not function as a cap. Incomebased repayment ibr, pay as you earn, and income. Request an incomedriven repayment plan or request a change to their incomedriven repayment plan e. To use the ibr or pay as you earn plan you must meet the eligibility requirements for those plans described in section 9. You also can consider student loan refinancing and can check the latest student loan refinancing rates to get a lower interest rate than you.
Feb 09, 2017 after making the pay as you earn paye student loan repayment option available to borrowers in 2012, president obama expanded the program by enacting the revised pay as you earn repaye. The pay as you earn system is a requirement in the united kingdom for all salary earnings, as well as other forms of compensation, if the earnings. You must promptly submit to your loan holder this completed form and a copy of your most recent federal income. All of the incomedriven repayment plans have slight differences that may make one plan a better option for your situation. Item 1 of the new ibrpay as you earnicr request form presents borrowers with check boxes to indicate the reason that they are submitting the form. Repayment ibr, pay as you earn paye, revised pay as you earn repaye and income contingent repayment icr. The main plans are incomebased repayment ibr, pay as you earn paye, revised pay as you earn repaye, and incomecontingent repayment icr. Revised pay as you earn repaye edfinancial services.
More information about revised pay as you earn repayment plans. The poverty line is based on the borrowers family size and state of residence. Ibrpay as you earnrevised pay as you earn icr request. Pay as you earn under pay as you earn, borrowers pay the lesser of. Dec 19, 2012 item 1 of the new ibr pay as you earn icr request form presents borrowers with check boxes to indicate the reason that they are submitting the form. I want to select a plan for all of my direct loans. Plan, pay as you earn repayment plan paye plan, incomebased repayment plan ibr plan, and incomecontingent repayment plan icr plan. Your monthly payment amount is based on your adjusted gross income, family size, and total eligible federal student loan balance, and will generally be 10 percent of your discretionary income. Incomebased repayment ibr, pay as you earn, and incomecontingent. Finally, consider the incomecontingent repayment plan. The fastest and easiest way to apply for an incomedriven repayment plan is online at studentloans. Income driven repayment options student loan borrower.
Ibr forms fill out and sign printable pdf template signnow. I want to select a plan for only my direct loans that are not eligible for the incomebased repayment ibr, pay as you earn paye, revised pay as you earn repaye, or incomecontingent repayment icr plans. Our ultimate goal is to allow all borrowers who are potentially eligible to repay their direct loan andor ffel program loans under the ibr, pay as you earn, andor icr plans and who wish to complete and. If you dont qualify for pay as you earn or ibr, there is another program available and that is the income contingent repayment icr program. Discretionary income for this plan is the difference between the borrowers agi and 150% of the poverty guideline amount for hisher state of residence and family size. Pay as you earn, or icr plans may result in your paying more interest over time and may result in federal income tax liability on any loan amount that is forgiven. The new electronic ibrpay as you earnicr request functions in the same way as the previous electronic ibr application. If you wish to repay your student loans under an incomebased repayment ibr, incomecontingent repayment icr, or pay as you earn repayment paye, or revised pay as you earn repayment repaye plan.
Ford federal direct loan direct loan program and federal family education loan ffel programs. If you had no outstanding balance as of 712014 and received a new disbursement on or after 712014. The pay as you earn repayment plan is an incomecontingent repayment plan for eligible new borrowers. If that doesnt work for you, consider the incomebased repayment plan. The pay as you earn plan is one of the flexible repayment options available when you. Incomebased ibr pay as you earn incomecontingent icr. If icr doesnt sound right for you, consider one of the other three incomedriven repayment plans. Note that you wouldnt qualify for any forgiveness under this scenario because your loan would be paid off before the 25year term is complete. Contingent repayment icr plan, pay as you earn paye, and now repaye. The regulations for ibr, pay as you earn, and icr require borrowers to provide income information in support of the request or recertification of ibr, pay as you earn, and icr. We have several repayment options available so you can choose which works best with your budget. Create a new icr plan the pay as you earn repayment plan in the direct loan program based on the presidents pay as you earn repayment initiative.
Pay as you earn, or icr plans may result in your paying more interest over time and may result in federal income tax liability on any loan amount that is forgiven under these plans. Confirm your personal information and select your task. It eliminates the eligibility restrictions in the paye repayment plan. Revised pay as you earn repayment plan repaye plan pay as you earn repayment plan paye plan incomebased repayment plan ibr plan incomecontingent repayment plan icr plan if youd like. The electronic ibr pay as you earn icr request has replaced the electronic ibr application that we implemented in september 2012. Idr describes several specific types of plans you might have heard of, such as income based repayment ibr, income contingent repayment icr, pay. After making the pay as you earn paye student loan repayment option available to borrowers in 2012, president obama expanded the program by. Attachment to december 2012 electronic announcement.
The electronic ibrpay as you earnicr request has replaced the electronic ibr application that we implemented in september 2012. An incomedriven repayment plan sets your monthly student loan payment at an amount that is intended to be affordable based on your income and family size. You will receive a notic e telling you when the interest will be ca pitalized, and you will have the opport unity to pay that interest before it is capitalized. Specifically, borrowers may indicate that they are submitting the form to.
Income based repayment ibr, and incomecontingent repayment icr plans under. Revised pay as you earn repayment plan repaye plan pay as you earn repayment plan paye plan incomebased repayment plan ibr plan incomecontingent repayment plan icr plan if youd like to repay your federal student loans under an incomedriven plan, you need to fill out an application. The monthly payment under payasyouearn repayment is based on 10 percent of discretionary income, where discretionary income is defined as the amount by which adjusted gross income agi exceeds 150 percent of the poverty line. During periods of partial financial hardship, your monthly payments will not exceed 10% of your discretionary income as long as you continue to renew each year if a balance remains after 20 years of making qualifying payments, your loans will be forgiven. Incomecontingent repayment for student loans edvisors. Income driven repayment plan versus 10year standard repayment plan visit. Pay as you earn incomecontingent repayment icr request was created on studentloans.