If a borrower has high loan debt and low income, he or she may qualify for Income-Based Repayment (IBR). IBR is an alternative student loan repayment plan. IBR establishes a monthly payment that takes a borrower's unique situation into account by considering the borrower's income, family size, and federal student loan debt. A borrower must meet certain criteria in order to qualify for IBR. The loan holder will make a final determination of the borrower's eligibility for this plan.
A borrower seeking IBR must complete and forward the form below to his or her loan holder. The monthly payment under the IBR plan is based on a borrower's current income (and spouse's current income, if the borrowers are married and file a joint federal income tax return). If the borrower believes that the adjusted gross income (AGI), as reported on the most recently filed federal income tax return, does not reasonably reflect the borrower's current income (and/or spouse's current income), the IBR Repayment Request form also allows the borrower to submit alternative documentation of income to determine IBR eligibility and payment amount.
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