Income-Driven Repayment Plans: Questions And Answers - Federal Student Aid, U.s. Department Of Education
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26Income-Driven Repayment Plans: Questions and
Answers
Contents
Introduction...........................................................................................................................................................1
General Information .............................................................................................................................................2
Eligible Borrowers ................................................................................................................................................7
Eligible Loans .......................................................................................................................................................9
Monthly Payment Amount ................................................................................................................................. 11
Repayment Period & Loan Forgiveness ........................................................................................................... 15
Married Borrowers ............................................................................................................................................. 18
Application Process ........................................................................................................................................... 20
Miscellaneous ................................................................................................................................................... 24
Introduction
The following questions and answers (Q&A) provide information about the income-driven repayment plans
that are available to most federal student loan borrowers. Throughout the Q&A, we use the following terms:
AGI refers to adjusted gross income, as reported on your federal income tax return.
Direct Loan Program refers to the William D. Ford Federal Direct Loan Program. This program
includes Direct Subsidized Loans, Direct Unsubsidized Loans, Direct PLUS Loans, and Direct
Consolidation Loans. Direct Subsidized Loans and Direct Unsubsidized Loans are sometimes called
“Stafford Loans.”
FFEL Program refers to the Federal Family Education Loan Program. This program includes
Subsidized Federal Stafford Loans, Unsubsidized Federal Stafford Loans, Federal PLUS Loans, and
Federal Consolidation Loans. No new loans have been made under this program since July 1, 2010.
Loan servicer refers to the organization that collects your loan payments and completes other
transactions related to your federal student loans. Your loan servicer may or may not be the same
organization as your loan holder (the organization that “owns” your loans). If you are unsure who your
loan servicer is, you can find this information at StudentAid.gov/log-in, or you can call the Federal
Student Aid Information Center (FSAIC) at 1-800-4-FED-AID (1-800-433-3243); (TTY: 1-800-730-
8913).
New borrower refers to an individual who has no outstanding balance on a Direct Loan or FFEL
Program loan when he or she receives a Direct Loan or FFEL Program loan on or after a specified
date.
Parent PLUS Loan refers to a Direct PLUS Loan or Federal PLUS Loan made to a parent borrower
to help pay for the cost of a dependent undergraduate student’s education.
Student PLUS Loan refers to a Direct PLUS Loan or Federal PLUS Loan made to a graduate or
professional student.
Federal Student Aid |
StudentAid.gov
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