IBR Applications Now Available!

The moment you've been waiting for is finally here: Income-Based Repayment (IBR) applications are now available from many major lenders, including the U.S. Department of Education!

Contact your lender directly to apply for IBR. Please keep in mind that any lenders providing the IBR application now are ahead of the curve: IBR doesn't officially become available until tomorrow (Wednesday, July 1).

If, after you've contacted your lender and checked our FAQ, you have serious problems applying for IBR, the Federal Student Aid Ombudsman's Office at the U.S. Department of Education may be able to help. You can call them to report a problem at 877-557-2575, email them at fsaombudsmanoffice@ed.gov, or fill out an online help form at www.ombudsman.ed.gov.

 

There's Still Time to Take Action for Real Loan Forgiveness!

In addition to lowering monthly student loan payments, the Income-Based Repayment (IBR) program forgives any remaining debt -- including interest -- after 25 years. Most borrowers will pay off their debt before then, but under current law, if there's anything left to forgive after 25 years, the amount forgiven would be taxed as income to the borrower. 

A bipartisan bill in the U.S. House of Representatives, H.R.2492, would prevent the taxation of debt forgiven through IBR. Loan forgiveness is supposed to wipe the slate clean for responsible borrowers, not create a new financial obligation.

If you haven't already, please take a moment to write to your representative and urge them to support H.R. 2492 and ensure there's really a light at the end of the tunnel.

Take action!

 

 

Income-Based Repayment and Pay As You Earn are two ways to help keep monthly payments affordable based on your income and family size. Visit the Department of Education’s Repayment Estimator to find out what your payments might be.
 

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How to switch to the Direct Loan program

If your federal loans are in the Guaranteed (FFEL) program — where your lender is a private entity like Sallie Mae or Citibank — you can consolidate into the Direct Loan program to qualify for Public Service Loan Forgiveness. Even if you have already consolidated your loans in the FFEL program, you may re-consolidate into the Direct Loan program to take advantage of this program.

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