Income-Driven Repayment Plan Request Page 7
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12SECTION 9: DEFINITIONS (CONTINUED)
DEFINITIONS FOR THE IBR PLAN:
DEFINITIONS FOR THE ICR PLAN:
The Income-Based Repayment (IBR) plan is a
The Income-Contingent Repayment (ICR) plan is a
repayment plan with monthly payments that are generally
repayment plan with monthly payments that are the
equal to 15% (10% if you are a new borrower) of your
lesser of (1) what you would pay on a repayment plan
discretionary income, divided by 12, but will never be more
with a fixed monthly payment over 12 years, adjusted
than what you would have paid under the standard
based on your income or (2) 20% of your discretionary
repayment plan with a 10-year repayment period based on
income divided by 12.
what you owed when you entered the IBR plan.
Discretionary income for the ICR plan is the
Discretionary income for the IBR plan is the
amount by which your adjusted gross income
amount by which your adjusted gross income exceeds
exceeds the poverty guideline amount for your
150% of the poverty guideline amount for your state
state of residence and family size. If you are
of residence and family size. To initially qualify for IBR
married and file a joint federal income tax return
and to continue making payments based on your
or if you choose to repay your Direct Loans jointly
income under this plan, you must have a partial
with your spouse, your AGI includes your spouse's
financial hardship (see definition). If you are married
income.
and file a joint federal income tax return, your AGI
Eligible loans for the ICR plan are Direct Loan
includes your spouse's income.
Program loans other than: (1) a loan that is in
default, (2) a Direct PLUS Loan made to a parent
Eligible loans for the IBR plan are Direct Loan and
borrower, or (3) a Direct PLUS Consolidation Loan
FFEL Program loans other than: (1) a loan that is in
(these are Direct Consolidation Loans made based
default, (2) a Direct or Federal PLUS Loan made to a
on an application received prior to July 1, 2006
parent borrower, or (3) a Direct or Federal
that repaid Direct or Federal PLUS Loans made to
Consolidation Loan that repaid a Direct or Federal
a parent borrower). However, a Direct
PLUS Loan made to a parent borrower. Federal
Consolidation Loan made based on an application
Perkins Loans, HEAL loans or other health education
received on or after July 1, 2006 that repaid a
loans, and private education loans are not eligible to
Direct or Federal PLUS Loan made to a parent
be repaid under the IBR plan.
borrower is eligible for the ICR plan. FFEL Program
You are a new borrower for the IBR plan if (1) you
Loans, Federal Perkins Loans, HEAL loans or other
have no outstanding balance on a Direct Loan or FFEL
health education loans, and private education
Program loan as of July 1, 2014 or (2) have no
loans are not eligible to be repaid under the ICR
outstanding balance on a Direct Loan or FFEL Program
plan.
loan when you obtain a new loan on or after July 1,
2014.
Page 7 of 12
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