Income-Based Repayment (IBR) is one of the student loan plans under Income-Driven Repayment (IDR). This plan is designed to make your student loan debt more manageable by decreasing your monthly payment amount. Well, IBR is one of the options to make your student loan payment lower.
FedLoan also offers the Income-Based Repayment (IBR) plan to help you pay your student loan debt lower. If you want to take FedLoan IBR, you may need to fill out the form to submit. So, how to download the FedLoan IBR form? Let’s find out the guide to get the FedLoan IBR form in our post below!
Download the FedLoan IBR Form, How to Do?
Since Income-Based Repayment (IBR) plan is under Income-Driven Repayment (IDR), you surely will download the IDR form to file a FedLoan IBR plan. Even though FedLoan offers the IBR plan, but the form can be obtained from studentaid.gov.
To download FedLoan Income-Based Repayment (IBR) form, you can just click this link: https://studentaid.gov/app-static/images/idrPreview.pdf After clicking this link, you will see the FedLoan IBR form.
To download the FedLoan IBR form, you just simply click the ‘Down Arrow’ icon on the left. Then, you can determine at which folder you will save this form. After that, you can click the ‘Save’ button. Make sure to remember at what folder this form will be stored. If the downloading process is completed, you will see the PDF file available at the bottom of your screen.
To print the FedLoan IBR form, you can click the ‘Printer’ icon on the left of your screen next to the ‘Down Arrow’ icon. Before you can print the form, you may need to save the file first. Once the file is stored, you can connect your printer to your PC and you can start printing the FedLoan IBR form.
That’s it! Downloading the FedLoan IBR form is pretty easy, isn’t it? So, if you’re interested in taking the FedLoan IBR plan, you can begin by downloading the form first and then filling out any information available on the form.
What Is In the FedLoan IBR Form?
The Income-Based Repayment (IBR) plan is under the Income-Driven Repayment (IDR). Certainly, the content on the form will be the same. The form will also apply for any IDR’s plans including:
- For the Revised Pay As You Earn (REPAYE)
- Pay As You Earn (PAYE),
- Income-Based Repayment (IBR)
- Income-Contingent Repayment (ICR) plans under the William D. Ford Federal Direct Loan (Direct Loan) Program
- Federal Family Education Loan (FFEL) Programs
There are a bunch of sections that you should fill out on the IDR form, here are they:
Section 1: Borrower Information
This section includes your information such as your SSN, name, address, city, state, zip code, your number telephone (primary and alternate) and your email (optional)
Section 2: Repayment Plan or Recertification Request
This section provides a bunch of information that you should tick, including:
- You may need to ‘select the reason you are submitting this form (Check only one)
- You should ‘choose a plan and then continue to item 3’
- You should answer the question that says ‘Do you have multiple loan holders or servicers?’
- You should answer the question that says ‘Are you currently in deferment or forbearance’
Section 3: Family Size Information
In this section, you should answer some questions related to your family. Make sure to answer it as correctly as possible.
Section 4A: Marital Status Information
In this section, you should answer some questions related to your marital status. Make sure to answer it as correctly as possible.
Section 4B: Income Information
In this section 4B, you should provide the information about your income for single borrowers and married borrowers treated as single. Make sure to answer it as correctly as possible.
Section 4C: Income Information
In this section 4C, you should provide the information about your income for married borrowers filing jointly. Make sure to answer it as correctly as possible.
Section 4D: Income information
In this section 4D, you should provide the information about your income for married borrowers filing separately. Make sure to answer it as correctly as possible.
Section 5: Instructions For Documenting Current Income
In section 5, you only have to follow those instructions based on your answer in section 4.
Section 6: Borrower Requests, Understandings, Authorization and Certification
For this section 6, you may need to read it completely in order to understand what you should do and don’t do.
Section 7: Where to Send the Complete Form
In this section, you will find the information where you can send your completed form.
Section 8: Instructions for Completing the Form
This section provides the information what you should do for completing the form and any required documentation to the address shown in section 7.
Section 9: Definitions
This section provides some definitions. You can read to understand them.
Section 10: Income-Driven Plan Eligibility
The section 10 provides the information about IDR requirements that you should meet and also general information you have to know.
Section 11: Simple Payment Amounts
In this section 11, you will find a table that provides repayment estimates under the traditional and IDR plans.
Section 12: Important notices
To understand what you should and shouldn’t do, it’s highly recommended for you to read the important notices available in section 12.
Well, those are all information provided in Income-Driven Repayment (IDR) form.
How to Apply for a FedLoan IBR Plan?
Income-Based Repayment (IBR) plan is one of the recommended plans under IDR. However, IDR plans are actually based on your family size, income and also state of residence. Today, you can take the IBR plan through FedLoan.
- To apply or Recertify for IBR, you may need to sign into FedLoan here.
- After signing into FedLoan with your account, you can then fill out the application form that we have mentioned above. During filling out the application form, you may be required to use the IRS Data Retrieval Tool to transfer income information from your federal income tax return.
- Then, you can review and sign the application. After you review and sign your application, FedLoan will receive your information for processing.
That’s how to apply for IBR plans or other IDR plans. To find out more information about it, you can continue to the Federal Student Aid site here.