Federal student loan borrowers may be eligible for repayment plans that base their monthly payments on their income and family size. You can apply for these plans at StudentLoans.gov or by filling out the form on this page.
What It's For
If you do not want to use the online application at StudentLoans.gov, fill out this form to apply for plans that take your income into account when determining your monthly payment: income-based repayment (IBR), income-contingent repayment (ICR), Pay As You Earn (PAYE), and Revised Pay As You Earn (REPAYE).
Note: The related income-sensitive repayment (ISR) plan for Federal Family Education Loan Program (FFELP) borrowers has no specific application form. Talk to your servicer if you want to apply for ISR.
What You'll Need
- A list of all your student loans, and whether they are in the Direct Loan or FFEL program. If you complete your application online, all of your federal loans will be populated in the form for you. If you opt to complete the form by hand, be sure to double check the National Student Loan Data System (NSLDS®) to make sure you don't leave any loans out.
- Proof of income, including copies of IRS Form 4506-T or 4506T-EZ, which will allow your loan holder to verify your income with the IRS. If you aren't required to file taxes or if your economic situation has changed substantially since your last filing, pay special attention to section 5 of this form, which covers other ways to document your income.
All married borrowers (including those who file separate federal income tax returns) must provide documentation of their spouse's income (certain exceptions do apply).
About Your Income
For this form, income means adjusted gross income, which is calculated in your annual tax return. Be sure to get the actual number—the "adjusted" part means it may be very different from what you normally think of as your income.
Where To Send This Form
Submit this form to your servicer (the company that sends you the bills). If you don't know who this is, you can go to the NSLDS to find out.
Note: You can ensure that you receive the lowest possible income-driven payment by selecting "I request that my loan holder determine which of the above plans I am eligible for, and place me on the plan with the lowest monthly payment amount" under part 1a of Section 2 in this form