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IBR News and Events

Why You Need to Know Your IBR Anniversary

If you're already in IBR, make sure your lender has updated income information for you before the annual anniversary of your enrollment in the program, so they can determine your payment for the next year. Missing your deadline can result in a much higher payment that doesn't take your income into account. Currently, lenders aren't required to notify borrowers about this crucial deadline. Borrowers have reported that it can take up to three months to process the paperwork, and processing delays can also trigger a high payment.

If you're unsure about your anniversary date or what type of documents you have to submit, contact your loan servicer for more information.

Note: We've been working with student and consumer groups to make this process work better for borrowers, including requiring lenders to notify borrowers in advance and preventing borrowers from being penalized for servicing delays.  As a result, the Department of Education will soon publish draft rules intended to address these issues.

Employment Certification for Public Service Loan Forgiveness: Now You Can Track Your Eligibility

In January 2012, the Department of Education issued the long-awaited Employment Certification Form for Public Service Loan Forgiveness (PSLF). Direct Loan borrowers who work in the public and nonprofit sectors can now get confirmation that their job counts as qualifying employment for PSLF. Using this form will make it much easier to track your eligibility, know when it's time to apply for forgiveness, and have the paperwork you need in hand.

Visit the Federal Student Aid website for the Employment Certification instructions, fact sheet, and form.