Income-Based Repayment is a new repayment plan that can help you manage your student loan debt by lowering your monthly payments. IBR will help make loan payments more manageable by calculating your payment amount based on your adjusted gross income (AGI) and family size.
In order to qualify, you must demonstrate a partial financial hardship (PFH), and if you do, your payments will be capped at 15% of your discretionary income. While under this plan, your situation will be evaluated annually to determine if your PFH has continued. There are additional benefits such as restricted capitalization, loan forgiveness, and interest subsidies that may also be available while on this repayment plan.
If you think IBR may be right for you, use our IBR calculator to see if you qualify. You may also contact us by email or call us at 1-800-337-6884 if you have questions. IBR will be available for borrowers beginning July 1, 2009.
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