Income-Driven Repayment Plan Request Page 10
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12SECTION 10: INCOME-DRIVEN PLAN ELIGIBILITY REQUIREMENTS AND GENERAL INFORMATION (CONTINUED)
Plan Feature
REPAYE
PAYE
IBR
IBR for New Borrowers
ICR
At any time, you may change to any
Leaving the Plan
At any time, you may change
If you want to leave the plan,
If you want to leave the plan,
At any time, you may change
other repayment plan for which you
to any other repayment plan
you will be placed on the
you will be placed on the
to any other repayment plan
are eligible.
for which you are eligible.
standard repayment plan. You
standard repayment plan. You
for which you are eligible.
may not change to a different
may not change to a different
plan until you have made at
plan until you have made at
least one payment under the
least one payment under the
standard repayment plan or a
standard repayment plan or a
payment under a reduced-
payment under a reduced-
payment forbearance.
payment forbearance.
Interest
Interest is capitalized when you are
If you are determined to no
If you are determined to no
If you are determined to no
Interest that accrues when
Capitalization
removed from the plan for failing to
longer have a “partial
longer have a “partial
longer have a “partial
your payment amount is less
recertify your income by the deadline
financial hardship” or if you
financial hardship”, fail to
financial hardship”, fail to
than accruing interest on
or when you voluntarily leave the plan.
fail to recertify your income
recertify your income by the
recertify your income by the
your loans is capitalized
Otherwise, interest capitalizes at the
by the deadline, interest is
deadline, or leave the plan,
deadline, or leave the plan,
annually until the
expiration of a deferment or
capitalized until the
interest is capitalized.
interest is capitalized.
outstanding principal balance
forbearance.
outstanding principal balance
on your loans is 10% greater
on your loans is 10% greater
than it was when your loans
than it was when you entered
entered repayment.
the plan. Interest is also
capitalized when you leave
the plan.
Re-Entering the Plan You must provide income
You must again show that you
You must again show that you
You must again show that you
No restrictions.
documentation for the period when
have a “partial financial
have a “partial financial
have a “partial financial
you were not on the REPAYE plan.
hardship”.
hardship”.
hardship”.
Your loan holder will calculate the
amount you would have been required
to pay under the REPAYE plan during
that period and compare that to the
amount you were required to pay
under a different plan over the same
period. If the amount you would have
been required to pay under the
REPAYE plan is more than what you
actually paid during this period, your
new payment amount under the
REPAYE plan will be increased. The
increased amount is equal to the
difference between what you were
required to pay while not on the
REPAYE plan and what you would have
been required to pay if you had been
on the REPAYE plan, divided by the
number of months remaining in your
20- or 25-year forgiveness period.
Page 10 of 12
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