Repaying Your Student Loan

More Resources

Income-Based Repayment Plan Application

Income-Based Repayment Plan Alternative Documentation of Income

Income-Based Repayment

What is Income-Based Repayment?

Income-Based Repayment (IBR) is an alternative student loan repayment plan. Unlike other repayment plans, which may require a one-size-fits-all payment amount, IBR establishes a monthly payment that takes your unique situation into account by considering your income, family size, and federal student loan debt.

Frequently asked questions

How do I qualify?
You must meet certain criteria in order to qualify for IBR. You can use TG's IBR calculator to help you determine if you may be eligible for IBR, and to calculate your estimated monthly payment amount if it appears that you do qualify for IBR. If you want to apply for IBR, you must complete the required forms and submit them to your lender. Your lender will make a final determination of your eligibility. If you do qualify, your lender will re-evaluate your eligibility for IBR on an annual basis. Your monthly payment amount could be adjusted as a result. If you decide to contact your lender about IBR, it will be helpful to have information from the tax return you filed in the previous year.

What kinds of loans are eligible for IBR?
IBR is only available for federal student loans, such as the Stafford, Grad PLUS and certain Consolidation loans. It is not available for Parent PLUS loans or for Consolidation loans that include Parent PLUS loans, nor is it available for non-federal student loans. Defaulted loans are not eligible for IBR.

How long is the repayment term for loans under the IBR plan?
Loans paid under the IBR plan have a maximum 25-year repayment term. Any outstanding principal and interest still owed after 25 years of qualifying payments will be forgiven.

Resources

Access myTG℠ to determine the lender for your TG loans. If you have more than one lender, you must request a review for IBR eligibility from each one.
View a complete list of your student loans by going to the National Student Loan Data System (NSLDS) web site at http://www.nslds.ed.gov/. NSLDS includes information about loans guaranteed by TG, another guarantor, or the U.S. Department of Education.
Consider an Economic Hardship Deferment if you do not qualify for IBR or have only a temporary income problem.
Visit TG's Managing Repayment page for more information about the different repayment options available to borrowers.