Posted Date: September 26, 2012
William Leith, Service Director, Program Management, Federal Student Aid
Subject: Loan Servicing Information - Electronic Income-Based Repayment Application Available on StudentLoans.gov Web Site (Updated December 21, 2012)
Note: On December 21, 2012, we removed the Electronic Income-Based Repayment Application attachment to this announcement because the Electronic Income-Based (IBR)/Pay As You Earn/Income-Contingent Repayment (ICR) Repayment Plan Request has replaced the IBR Application. For information about the new electronic request, refer to http://ifap.ed.gov/eannouncements/122112LSIPayAsYouEarnPlanIBRnICR.html.
We are pleased to announce the availability of an Electronic Income-Based Repayment (IBR) Application on the StudentLoans.gov Web site. Through interfaces with the National Student Loan Data System (NSLDS) and the Internal Revenue Service (IRS), the Electronic IBR Application streamlines the application process for the majority of borrowers who choose to repay their eligible William D. Ford Federal Direct Loan (Direct Loan) Program and/or Federal Family Education Loan (FFEL) Program loans under the IBR Plan. Borrowers will use the application to initially apply to repay under the IBR Plan and to subsequently meet the plan’s annual income documentation requirement.
In the attachment to this announcement titled “Electronic Income-Based Repayment Application,” we provide a high-level summary of the application and its associated process. Within the attachment, we cover the following information:
- Electronic IBR Application Submission Criteria
- Electronic IBR Application Process
- Additional Actions Needed by Certain Borrowers
- Accessing Submitted Electronic IBR Applications
- Contact Information for Borrowers
We understand that borrowers will contact members of the financial aid community with questions about the Electronic IBR Application. We appreciate the assistance you will provide to borrowers who contact you and hope you find the attached information helpful in answering their questions.