Income-Driven Repayment Plan Request Form - U.s. Department Of Education Page 7

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monthly payments and at least 25 years have elapsed,
any remaining debt will be forgiven. If you receive an
 All Direct Loan borrowers are eligible to repay their
economic hardship deferment, any months of
eligible loans on the ICR plan. You are not required to
economic hardship deferment are considered the
have a partial financial hardship to use the ICR plan. To
equivalent of qualifying payments. Months for which
repay eligible loans under the ICR plan, you must
you receive any other type of deferment or months of
submit documentation of your income. If you are
forbearance are not counted as qualifying payments,
married and file a joint federal tax return, the
and do not count toward the 25-year forgiveness
Department will also take your spouse’s income into
period. Any amount forgiven under the ICR plan may
account when calculating your monthly payment
be considered income by the Internal Revenue Service
and subject to federal income tax.
 If you are married, you and your spouse may choose
to repay your loans jointly under the ICR plan. If you
choose to repay jointly, the Department will use your
 YOU ARE REQUIRED to provide alternative
combined income and Direct Loan debt to calculate a
documentation of your income if:
joint ICR payment amount, and will then prorate the
joint payment amount to determine separate ICR
o You did not file a federal tax return for either of the
monthly payment amounts for you and your spouse
two most recently completed tax years; or
that are proportionate to each individual’s share of
o You have been notified by your loan holder(s) that
the combined Direct Loan debt. You and your spouse
alternative documentation of your income is
may select this option under the ICR plan regardless of
your federal tax return filing status.
 YOU MAY provide alternative documentation of your
 After entry into the ICR plan, you must annually certify
income if your Adjusted Gross Income (AGI), as
your family size and provide income documentation so
reported on your most recently filed federal tax
that the Department can adjust your payment amount
return, does not reasonably reflect your current
to reflect more recent income information. Your new
income, for example, because of a loss of or change in
payment amount may be higher or lower, depending
employment by you or your spouse.
on the income documentation and family size
information you provide each year. The Department
 YOU ARE NOT REQUIRED to provide alternative
will notify you when you must provide this
documentation of your income if you can provide a
copy of your most recently filed federal tax return or
an IRS tax return transcript from either of the two
 If you do not provide updated income documentation
most recently completed tax years; and that
annually by the deadline provided by the Department,
documentation reasonably reflects your current
your payment amount will be calculated based on a
10-year standard repayment plan using the loan
balance at the time you entered repayment under the
ICR repayment plan.
Under the ICR plan, your monthly payment may be
 The Public Service Loan Forgiveness Program allows
less than the monthly accruing interest. The accruing
eligible borrowers to cancel the remaining balance of
interest that is not satisfied by your monthly payment
their Direct Loans after they have served full time at a
will be capitalized annually. You will receive a notice
qualifying employer for at least 10 years, while making
telling you when the interest will be capitalized, and
120 qualifying loan payments, including payments
you will have the opportunity to pay that interest
under the IBR, Pay As You Earn, and ICR plan.
before it is capitalized. While you remain in ICR, the
 Qualifying employers include governmental
amount of interest that is capitalized will be limited to
organizations and many not-for-profit organizations.
10% of the outstanding principal balance on your loans
at the time that you entered repayment.
 For more information about PSLF, see
Under the ICR plan, if your loan is not repaid in full
after you have made the equivalent of 25 years of
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