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Income-Based Repayment (IBR) is a new way to make your federal student loan payments more manageable.  And if you're a teacher or work in government or at a nonprofit (501(c)(3)) organization, you might qualify for a new type of public service loan forgiveness (PSLF) after 10 years of eligible payments and employment.

 

 

IBR News and Events

Fixes to Income-Based Repayment Take Effect July 1, 2010

On July 1, 2010, two important changes go to Income-Based Repayment go into effect. As a result, some people will be eligible for IBR who were not before. If you are already using IBR, are married, file taxes jointly with your spouse, AND your spouse also has federal loans, contact your lender about updating your payment plan to reflect this change. 

 
 
Some IBR Payments Calculated Incorrectly
In some cases -- how many remains unclear -- the current contractor for Direct Loan Servicing has incorrectly based IBR payments on the borrower's gross income (total income) instead of his or her lower Adjusted Gross Income (AGI, or taxable income). As a result, these borrowers' monthly IBR payments are higher than they should be.
 
 
Official FAQs

The U.S. Department of Educationposted in-depth Q&As on both Income-Based Repayment (IBR) and Public Service Loan Forgiveness (PSLF) to their website. While some of the topics are also covered in our FAQ, we highly recommend that you read the Department’s as well if you have any questions about IBR or PSLF. We strongly encouraged the Department to provide this important information, and we’re very pleased that clear and thorough official answers to common questions are now available.

Take Action for Real Loan Forgiveness
A bipartisan bill in the U.S. House of Representatives, H.R. 2492, would prevent the taxation of debt forgiven through IBR. Loan forgiveness is supposed to wipe the slate clean for responsible borrowers, not create a new financial obligation. Please take a moment to write to your representative and urge him or her to ensure there's really a light at the end of the tunnel for responsible borrowers.
 
 

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