How do I get them?
Income-Based Repayment (IBR) will be available starting July 1, 2009. The U.S. Department of Education expects to finalize detailed rules for how each program will work by November 1, 2008. We'll update our registered users and this site as the specifics are worked out to help you take maximum advantage of this new benefit.
If you're struggling with your loan payments right now and can't wait until July 2009, there may be ways to lower your payment under the current system. Income Contingent Repayment (ICR) is available through the Direct Loan program, and all federal loans offer some assistance in cases of economic hardship. If you have a Guaranteed (FFEL) federal loan, you may be able to make lower payments temporarily with repayment plans that increase the amount due over time. Learn more about these and other options from Student Loan Borrower Assistance, the Department of Education, or your lender.
Public Service Loan Forgiveness also has no official application at this time. However, the 10 years of payments you need to be eligible for loan forgiveness could start as early as October 2007, if you're in the right kind of job and making the right kind of payments through the Direct Loan program. Find out what you can do now to start the 10-year clock, including how to switch to the Direct Loan program. Income-Based Repayment and Income Contingent Repayment can help keep your payments affordable during those 10 years.
The U.S. Department of Education is finalizing exactly how both of these new programs will work. We'll keep our registered users updated as new information becomes available about how to qualify and apply.