Income-Based Repayment (IBR)
Income-based repayment (IBR) is a type of income-driven repayment plan intended to lower monthly federal student loan payments. The payment limits, expressed as a percentage of discretionary income, and loan forgiveness eligibility conditions, after either 20 or 25 years of repayment, depend on when borrowers took out their first federal student loan.
The following information regarding Income-Based Repayment, Income-Contingent Repayment and Pay As You Earn repayment plans include helping hints and FAQs concerning the IBR repayment initiative.
Income-Based Repayment Plan Implementation and Best Practices Guide Version 4.0 – Overview and Q and As
This Guide was developed in order to provide the FFELP community with a resource for implementing and maintaining the Income-Based Repayment (IBR) plan authorized by the College Cost Reduction and Access Act of 2007 and promulgated under the regulations issued by the U.S. Department of Education. This document has been updated with new understandings or guidance obtained since Version 3.0, released in December 2013, including the best practices published in the separate December 2015 Addendum that was released to the community on January 6, 2016. New to this version is also an addendum (Appendix A) containing all of the Department of Education (ED) e-mails and accompanying attachments referenced throughout Sections I through XII.
This Guide was developed in order to provide the FFELP community with a resource for implementing the new Income-Based Repayment (IBR) plan authorized by the College Cost Reduction and Access Act. As new and known issues are resolved, this document will be updated.
Since the IBR Implementation Guide was developed in 2013, the NCHER IBR Workgroup has continued to collaborate on various issues regarding the IBR plan. The following Addendum includes several new IBR-related questions and answers, as well as clarification on some of the information provided in the 2013 Guide.
IBR Online Calculator
www.IBRinfo.org IBRinfo is a nonprofit, independent source of information on IDR and Public Service Loan Forgiveness. The site, created by the Project on Student Debt, is a resource for borrowers and consumers, with information about IDR eligibility and monthly payment amounts.