Income Driven Repayment Plan Covid

There are numerous repayment plans available including income based repayment ibr as well as deferment and forbearance options to temporarily suspend payments.

Income driven repayment plan covid. If you are not receiving income at this time it is possible you may qualify for a monthly payment of 0 00 each month for a 12 month period. In addition we can offer a 3 month covid 19 emergency forbearance upon request. Please contact us to request this forbearance option if you have a commercially held federal student. Income driven repayment recertification dates that occur during the payment suspension period have been extended by six months survey on borrower pain points during covid 19 we want to hear about the experiences of borrowers navigating student loan repayment during the pandemic.

If you re enrolled in an income driven repayment plan such as income based repayment ibr or revised pay as you earn repaye you can lower your monthly payment to as low as 0 per month. Some idr plans allow you to pay less than your accruing interest which means you may have a substantial amount of unpaid interest accrued prior to march 13. Public service loan forgiveness pslf income driven repayment idr borrowers with a direct loan who work full time for a qualifying employer during the suspension will receive credit toward pslf for the period of suspension as though on time monthly payments were made. You can apply online at studentaid gov.