Account Information
Who we are
What we offer
Payment Solutions
Contact Us
Repayment Options | Deferment | Forbearance | Loan Forgiveness |
EPIC | Military Servicemember
Payment Solutions - Repayment Options

If you are on the IBR plan and are considering a deferment or forbearance, please read the message at the bottom of the page.

Income-Based Repayment

Income-Based Repayment (IBR) takes into consideration your income, family size and federal education loan debt.

Eligible Loans:
  • Stafford
  • SLS
  • Grad PLUS
  • Federal Consolidation Loans including the above and/or Perkins, HPSL, HEAL and FISL loans
  • Spousal Consolidation Loans if the above loan types are included
Ineligible Loans:
  • Parent PLUS
  • Consolidation Loans including Parent PLUS loans
  • Private student loans, state loans or other loans not guaranteed by the federal government
How does the IBR plan work?

You must provide the following to determine your eligibility:

  • Application form. Family size, federal student loan debt and original signatures must be included. Faxes and forms without signatures will not be processed.
  • A copy of your most recent tax return (Form 1040, 1040A or 1040 EZ) must be included with your application. Faxes and forms without an original signature will not be processed.
  • If your most recent tax return does not reflect your current financial situation, you may complete the Alternative Documentation of Income form, located on page 4 of the application.
Payment Levels:

Partial Financial Hardship - A Partial Financial Hardship (PFH) payment is calculated from your income and family size and used to determine eligibility for the IBR plan. A PFH occurs when the annual amount due and all eligible federal student loans (even those with other companies), as calculated under a standard 10-year repayment plan, exceeds 15% of the difference between your Adjusted Gross Income and 150% of the poverty line for your family size.

Permanent-Standard The payment amount calculated on the existing loan balance when you entered IBR and is based on a 10-year term. You would move to this payment amount after you no longer qualify for a PFH but wish to remain in the IBR plan.

Expedited-Standard The payment amount once you voluntarily elect to leave the IBR plan. It is calculated using the remaining loan term and is based on a standard repayment plan, determined by your loan type (maximum 10 years for Stafford and Grad PLUS; maximum 30 years for Consolidation Loans, based on original balance).

How Payments Are Applied:
  1. Interest
  2. Collection costs
  3. Late charges
  4. Principal

You must recertify every 12 months.

Loan Forgiveness:

If your loan is not paid off in 25 years (300 payments), the balance may be forgiven. Please contact your financial advisor for tax implications of loan forgiveness.

The federal government will subsidize the first three years of interest on Subsidized loans.


Estimate your eligibility with an online calculator here.

Download the application form here.

IBR Application Form Help*.

Deferments and Forbearance:

A deferment or forbearance may placed on your account while you are in an IBR plan. Once the deferment or forbearance period ends and you wish to return to IBR, you may be required to reapply. It is important to note that your financial circumstances may have changed and you may not qualify for the reduced Partial Financial Hardship payments. Also, the deferment or forbearance time period will not count towards your 25-year loan forgiveness period, with the exception of the Economic Hardship deferment. Interest may also accrue and be capitalized (added to the principal balance).

If you wish to change to a different repayment plan, we must receive your request in writing.

* Users can download a free PowerPoint Viewer at

Updated: 9/24/2013