Income-Driven Repayment Plan Request Form - U.s. Department Of Education Page 5
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10SECTION 9: DEFINITIONS (CONTINUED)
o
If you are married and file a joint federal income tax
Discretionary income for this plan is the amount by
return, your AGI includes your spouse’s income. The
which your adjusted gross income exceeds the
poverty guideline amount is the figure for your state
poverty guideline amount for your state of
and family size from the poverty guidelines published
residence and family size.
annually by the U.S. Department of Health and Human
o
Eligible loans for the ICR plan are Direct Loan
Services (HHS). The HHS poverty guidelines are used
Program loans other than: (1) a loan that is in
for purposes such as determining eligibility for certain
default, (2) a Direct PLUS Loan made to a parent
federal benefit programs. If you are not a resident of a
borrower, or (3) a Direct PLUS Consolidation Loan
state identified in the poverty guidelines, your poverty
(these are Direct Consolidation Loans made based
guideline amount is the amount used for the 48
on an application received prior to July 1, 2006
contiguous states.
that repaid Direct or Federal PLUS Loans made to a
Family size includes you, your spouse, and your
parent borrower). FFEL Program Loans, Federal
children (including unborn children who will be born
Perkins Loans, HEAL loans or other health
during the year for which you certify your family size),
education loans, and private education loans are
if the children will receive more than half their support
not eligible to be repaid under the ICR plan. A
from you. It includes other people only if they live with
Direct Consolidation Loan made based on an
you now, they receive more than half their support
application received on or after July 1, 2006 that
from you now, and they will continue to receive this
repaid a Direct or Federal PLUS Loan made to a
support from you for the year that you certify your
parent borrower, is eligible for the ICR plan.
family size. Support includes money, gifts, loans,
A partial financial hardship is an eligibility
housing, food, clothes, car, medical and dental care,
requirement for the IBR and Pay As You Earn plans.
and payment of college costs. For the purposes of
these repayment plans, your family size may be
o You have a partial financial hardship when the
different from the number of exemptions you claim on
annual amount due on all of your eligible loans or,
your federal income tax return.
if you are married and file a joint federal income
tax return, the annual amount due on all of your
Capitalization is the addition of unpaid interest to the
eligible loans and your spouse’s eligible loans,
principal balance of your loan. This will increase the
exceeds 10% (for the Pay As You Earn plan and for
principal balance and the total cost of your loan.
new borrowers under the IBR plan) or 15% of the
The holder of your Direct Loans is the U.S. Department
amount by which your adjusted gross income
of Education (the Department). The holder(s) of your
(AGI) exceeds 150% of the annual poverty
FFEL Program loan(s) may be a lender, secondary
guideline amount for your family size and state of
market, guaranty agency, or the Department. Your
residence.
loan holder(s) may use a servicer to handle billing,
o For both the IBR and Pay As You Earn plans, the
payment, repayment options, and other
annual amount of payments due is calculated
communications on your loans. References to “your
based on the greater of (1) the total amount owed
loan holder” on this form mean either your loan
on eligible loans at the time those loans initially
holder(s) or your servicer.
entered repayment, or (2) the total amount owed
on eligible loans at the time you initially request
The standard repayment plan has a fixed monthly
the IBR or Pay As You Earn plan. The annual
payment amount over a repayment period of up to 10
amount of payments due is calculated using a
years for loans other than Direct or Federal
standard repayment plan with a 10-year
Consolidation Loans, or up to 30 years for Direct and
repayment period, regardless of loan type.
Federal Consolidation Loans.
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