Recertify Your Income Driven Repayment Plan

You can complete the process in less than 10 minutes.

Recertify your income driven repayment plan. Select the reason you are submitting this form check only one. To read more about your options when it comes to income driven repayment plans check out these posts. Switching your student loan repayment plan to one of the four income driven plans offered by the federal government can do wonders for your finances. On the income driven repayment plan page scroll down.

However many borrowers don t know how to recertify their income correctly. I want to enter an income driven plan continue to item 2. Are you currently enrolled in an income driven repayment idr plan. Recertify your income driven repayment plan online.

If you need to make lower monthly payments or if your outstanding federal student loan debt represents a significant portion of your annual income one of the following income driven plans may be right for you. If you don t want to have the irs retrieve your income information you ll need to submit other proof of earnings such as a. While millions enjoy the payment benefits of the federal income driven repayment programs many do not complete the annual recertification requirement. Documents you need to recertify your income driven repayment plan.

Income driven plans questions and answers accessed oct. Idr plans set monthly payments to a percentage of your discretionary income. If you have access to a computer the electronic recertification tool is simple and easy to use. However there is a catch if you are enrolled in one of these plans.

These programs typically lengthen the amount of time you spend paying down your loan balance. And if you fail to do so you may see your monthly payments dramatically increase. While it would be nice if you only had to enroll in your plan once and then simply make the monthly payments this unfortunately isn t the case. Income driven repayment idr plans are designed to help you make more affordable payments on your student loans.

If so it s important to recertify your income each year in order to stay on the plan. But in exchange the ability to peg your monthly payment to your income level can help you boost your financial stability and keep you from feeling. If your federal student loan payments are high compared to your income you may want to repay your loans under an income driven repayment plan accessed sept. You may have to pay income tax on any loan amount forgiven under an income driven plan.