Income-Based Repayment Plan General Information
About Income-Based Repayment(IBR)
IBR is designed to lower monthly payments for borrowers experiencing a Partial Financial Hardship (PFH). Under this plan your monthly payment is calculated using your income and family size. An additional benefit of the IBR plan, beginning July 1, 2009, is that once 25 years have elapsed and 300 qualifying payments have been made any principal balance remaining on your loan(s) may be forgiven.
How will my monthly payment amount be determined?
Who is eligible for the Income-Based Repayment Plan?
How do I apply for an Income-Based Repayment Plan?
Do I have to renew my Partial Financial Hardship?
What happens if I no longer qualify for a Partial Financial Hardship?
What happens if I no longer want to participate in the Income-Based Repayment Plan?
For additional information, please visit our Income-Based Repayment Plan Evaluator or download our Income-Based Repayment Plan Application.