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The document provides detailed instructions on how to apply for the Income-Based Repayment (IBR) plan for federal student loans. It outlines the required documentation based on the borrower's employment and income status, including forms to complete and where to send them. The document also explains eligibility criteria, repayment options, and consequences of not providing necessary information. Additionally, it includes sections on spousal information, family size, and definitions related to income calculations and repayment plans.

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How do you qualify for income contingent repayment?

The borrower must have made 120 payments as part of the Direct Loan program in order to obtain this benefit. Only student loans may be included in the income contingent repayment plan. Parent loans, such as the Parent PLUS loan, are not eligible. Only loans that are guaranteed by the Federal government may be included.

What is the income-contingent repayment cap?

There is a cap on the amount of unpaid interest that can be capitalized, equal to 10% of your starting repayment balance. Once that cap is reached, further unpaid interest accrues, but does not capitalize. ICR payments are made for a maximum repayment period of 25 years.

How do I apply for income-contingent repayment?

How to apply for ICR. You must actively enroll in Income-Contingent Repayment. You can do this by mailing a completed income-driven repayment request to your student loan servicer, or complete the process online. You can change your student loan repayment plan at any time.

Is income contingent repayment a good idea?

Yes, they can be a great option if you have low income, high student debt, or are struggling to make payments. They lower your monthly payments based on your income and may qualify you for loan forgiveness after 2025 years.

What is considered income for income-driven repayment plan?

For the PAYE and IBR plans, your discretionary income is the difference between your AGI and 150% of the HHS Poverty Guideline amount for your family size and state. Under the SAVE Plan, your required monthly payment amount is 10% of your discretionary income, regardless of the amount that you initially borrowed.

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What is the income-based repayment IBR plan?

The Income-Based Repayment Plan is a repayment plan with monthly payments that are generally equal to 15% (10% if you are a new borrower on or after July 1, 2014) of your discretionary income, divided by 12.

Can I still apply for an IDR?

The Income-Contingent Repayment Plan is one of the income-driven relief options available to student loan borrowers struggling to keep up with payments. There are no income hardship requirements, which means anyone with a federal student loan can qualify for the program.

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