Income-Driven Repayment Plan Request Page 9
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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
Forgiveness Period
• If you only have eligible Direct
Any remaining balance is
Any remaining balance is
Any remaining balance is
Any remaining balance is
Loans that you received for
forgiven after 20 years of
forgiven after 25 years of
forgiven after 20 years of
forgiven after 25 years of
undergraduate study, any
qualifying repayment, and
qualifying repayment, and
qualifying repayment, and
qualifying repayment, and
remaining balance is forgiven
may be taxable.
may be taxable.
may be taxable.
may be taxable.
after 20 years of qualifying
repayment on all of your loans.
Any months when you
Any months when you
Any months when you
Any months when you
• If you have any eligible Direct
received an economic
received an economic
received an economic
received an economic
Loans that you received for
hardship deferment are
hardship deferment are
hardship deferment are
hardship deferment are
graduate or professional study,
considered the equivalent of
considered the equivalent of
considered the equivalent of
considered the equivalent
any remaining balance is
qualifying payments, but not
qualifying payments, but not
qualifying payments, but not
of qualifying payments, but
forgiven after 25 years of
any months you received any
any months you received any
any months you received any
not any months you
qualifying repayment on all of
other type of deferment or
other type of deferment or
other type of deferment or
received any other type of
your loans.
months you received any type
months you received any type
months you received any type
deferment or months you
of forbearance.
of forbearance.
of forbearance.
received any type of
Forgiveness may be taxable.
forbearance.
Any months when you received
an economic hardship
deferment are considered the
equivalent of qualifying
payments, but not any months
you received any other type of
deferment or months you
received any type of
forbearance.
None.
You must have a “partial
You must have a “partial
You must have a “partial
None.
Income Requirement to
financial hardship”.
financial hardship”.
financial hardship”.
Enter Plan
Borrower Eligibility
You must be a Direct Loan
You must be a “new
You must be a Direct Loan or
You must be a “new
You must be a Direct Loan
Requirement
borrower with eligible loans.
borrower” with eligible Direct
FFEL Program borrower with
borrower” with eligible Direct
borrower with eligible
Loans.
eligible loans.
Loans.
loans.
Requirement to Recertify
Annually. Failure to submit
Annually. Failure to submit
Annually. Failure to submit
Annually. Failure to submit
Annually. Failure to submit
Income and Family Size
documentation by the
documentation by the
documentation by the
documentation by the
documentation by the
deadline will result in
deadline may result in the
deadline will result in the
deadline will result in the
deadline will result in the
capitalization of interest and
capitalization of interest and
capitalization of interest and
capitalization of interest and
recalculation of your
being placed on the alternative
will increase the payment
increase in payment amount
increase in payment amount
payment amount to be the
repayment plan with a
amount to the 10-year
to the 10-year standard
to the 10-year standard
10-year standard payment
payment that will ensure that
standard payment amount.
payment amount.
payment amount.
amount.
your loan is paid in full over a
period that is the lesser of 10
years or the remainder of 20
or 25 years.
Page 9 of 12
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