Income-Based Repayment Plan Application

The National Council of Higher Education Loan Programs' (NCHELP) IBR Workgroup has produced an interim Income-Based Repayment Plan Application for the new Income-Based Repayment (IBR) plan, which becomes available to borrowers beginning July 1, 2009. This form is not the official Office of Management and Budget (OMB)-approved Department of Education form.

The use of this form is optional. The form is provided to assist FFEL lenders and servicers if needed until there is an OMB-approved Department of Education form. The form may be used as is, or your institution may modify it to accommodate its processes. Please note the following:

Section 2 contains information about the IRS Form 4506-T as some lenders and servicers may continue to use Form 4506-T for obtaining the borrower's adjusted gross income (AGI). Those institutions that use a copy of the first two pages of the borrower's tax return for obtaining the AGI (as outlined in the June 12, 2009, Electronic Announcement from the Department) may want to develop instructions to borrowers. These instructions would detail how to provide tax return copies as well as obtain the borrower's self-certification of non-filing.
Section 8 contains a link to the Department's IBR calculator. Your institution may replace or supplement this with links to other online calculators.

The IBR Workgroup will continue working with the Department to develop the official OMB-approved common forms.

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