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You can provide your AGI in one of the following ways: Apply using the online Income-Driven Repayment Plan Request and use the IRS Data Retrieval Tool in the application to transfer income information from your federal income tax return.
These income-driven repayment (IDR) plans can make your monthly payment as little as 10 percent of your income. Despite the right to an IDR plan, borrowers still struggle to enroll. Generally, processing your IDR application should take no more than two weeks.
How to fill out an income-driven repayment (IDR) plan request form Go to the Federal Student Aid website and click Log In to log on with your FSA ID and password. Go back to the FSA main page, click on Repayment & Consolidation in the main navigation bar. Click Apply for an Income-Driven Repayment Plan.
To qualify, the payment you would make based on your family size and income for IBR must be less than what you would pay under a standard repayment plan with a 10-year repayment term. If the amount is more, you wouldn't benefit from IBR and you won't qualify.
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.
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To qualify, the payment you would make based on your family size and income for IBR must be less than what you would pay under a standard repayment plan with a 10-year repayment term. If the amount is more, you wouldn't benefit from IBR and you won't qualify.
Provide copies of your signed federal tax form (1040, 1040 A, 1040X, 1040 EZ, or 8879). Provide proof of your current gross monthly income. Please note that if you are providing copies of your pay stubs, they must be consecutive, include your frequency of pay, and be dated within the last 90 days.
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.
For new borrowers on or after July 1, 2014, IBR caps payments at 10% of your discretionary income. These borrowers will also receive forgiveness after 20 years of repayment. For borrowers who were issued their first loans before July 1, 2014, IBR limits payments to 15% of discretionary income.
How can I check if I qualify for student loan forgiveness? Verify that you meet the income threshold by checking your 2020 and 2021 tax returns, as experts say that the administration will likely estimate your annual income from either, or both, of those forms.

income driven repayment form