Income-Driven Repayment Plan Request Form - U.s. Department Of Education Page 4
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10SECTION 8: INSTRUCTIONS FOR COMPLETING THE FORM
Type or print using dark ink. Enter dates as month-day-year (mm-dd-yyyy). Use only numbers. Example: January 31,
2014 = 01-31-2014. Include your name and account number on any documentation that you are required to submit with
this form. If you need help completing this form, contact your loan holder. If you want to apply for a repayment plan on
loans that are held by different loan holders, you must submit a separate request to each loan holder.
Return the completed form and any required documentation to the address shown in Section 7.
SECTION 9: DEFINITIONS
o Discretionary income for this plan is the amount
The William D. Ford Federal Direct Loan (Direct Loan)
Program includes Direct Subsidized Loans, Direct
by which your adjusted gross income exceeds
Unsubsidized Loans, Direct PLUS Loans, and Direct
150% of the poverty guideline amount for your
Consolidation Loans.
state of residence and family size. To initially
qualify for the Pay As You Earn plan and to
The Federal Family Education Loan (FFEL) Program
continue to make income-based payments under
includes Federal Stafford Loans (both subsidized and
this plan, you must have a partial financial
unsubsidized), Federal PLUS Loans, Federal
hardship (see definition) and be a new borrower
Consolidation Loans, and Federal Supplemental Loans
(see definition).
for Students (SLS).
o Eligible loans for the Pay As You Earn plan are
The Income-Based Repayment (IBR) plan is a
Direct Loan Program loans received by a new
repayment plan with monthly payments that are
borrower other than: (1) a loan that is in default,
limited to 15% (10% if you are a new borrower) of
(2) a Direct PLUS Loan made to a parent borrower,
your discretionary income, divided by 12.
or (3) a Direct Consolidation Loan that repaid a
o Discretionary income for this plan is the amount
Direct or Federal PLUS Loan made to a parent
by which your adjusted gross income exceeds
borrower. FFEL Program Loans, Federal Perkins
150% of the poverty guideline amount for your
Loans, HEAL loans or other health education loans,
state of residence and family size. To initially
and private education loans are not eligible to be
qualify for IBR and to continue making income-
repaid under the Pay As You Earn plan.
based payments under this plan, you must have a
o You are a new borrower for the Pay As You Earn
partial financial hardship (see definition).
plan if: (1) you have no outstanding balance on a
o Eligible loans for the IBR plan are Direct Loan and
Direct Loan or FFEL Program loan as of October 1,
FFEL Program loans other than: (1) a loan that is in
2007 or have no outstanding balance on a Direct
default, (2) a Direct or Federal PLUS Loan made to
Loan or FFEL Program loan when you obtain a new
a parent borrower, or (3) a Direct or Federal
loan on or after October 1, 2007, and (2) you
Consolidation Loan that repaid a Direct or Federal
receive a disbursement of a Direct Subsidized
PLUS Loan made to a parent borrower. Federal
Loan, Direct Unsubsidized Loan, or a Direct PLUS
Perkins Loans, HEAL loans or other health
Loan made to a student borrower on or after
education loans, and private education loans are
October 1, 2011, or you receive a Direct
not eligible to be repaid under the IBR plan.
Consolidation Loan based on an application
o You are a new borrower for the IBR plan if (1) you
received on or after October 1, 2011. However,
you are not considered a new borrower if the
have no outstanding balance on a Direct Loan or
Direct Consolidation Loan you receive repays loans
FFEL Program loan as of July 1, 2014 or have no
that would make you ineligible under part (1) of
outstanding balance on a Direct Loan or FFEL
this definition.
Program loan when you obtain a new loan on or
after July 1, 2014.
The Income-Contingent Repayment (ICR) plan is a
repayment plan with monthly payments that are the
The Pay As You Earn plan is a repayment plan with
lesser of (1) what you would pay on a 12-year standard
monthly payments that are limited to 10% of your
repayment plan multiplied by an income percentage
discretionary income, divided by 12.
factor or (2) 20% of your discretionary income divided
by 12.
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