Income-Based Repayment (IBR) Plan eligibility and application information:
The Income-Based Repayment (IBR) Plan was proposed as part of the College Cost Reduction and Access Act of 2007 and became available on July 1, 2009. The purpose of this program is to ensure that students who invest in a college education are also positioned to be able to repay their student loan debt (or are able to make their full student loan payments).
Income-Based Repayment is available for Federal Family Education Loan Program (FFELP) and/or Federal Direct Loan Program (FDLP) loans. Private loans, Federal Parent PLUS Loans, and Federal Consolidation Loans containing prior Federal Parent PLUS Loans are not eligible for this type of repayment plan.
This repayment plan caps monthly payments at 15% of you and your spouse’s monthly discretionary income. Under an IBR plan, your repayment term may be extended up to 25 years of qualifying payments and Economic Hardship Deferment.
To see if you qualify for this repayment plan, click here.
To apply for Income-Based Repayment:
1. If you have loans under the Federal Family Education Loan Program (FFELP), download the Income-Based Repayment Plan Request Form. If you have loans under the Federal Direct Loan Program (FDLP), download the Repayment Plan Selection Form. Be sure to include your family size and additional loan information on your form.2. When applying for Income-Based Repayment, you must provide a signed copy of your full federal tax return (1040, 1040 A, or 1040 EZ forms). If your tax information is not available, you must provide your consent to the IRS to disclose your adjusted gross income (AGI) to Nelnet using the 4506t Form. If you did not file taxes within the last year, please complete the Alternative Document Form and provide it, along with supporting documentation, with your Income-Based Repayment Plan request form from #1 above.3. Sign the appropriate forms and return them to:Nelnet P.O. Box 82565 Lincoln, NE 68501-2565 Fax: 1.866.545.9196
1. If you have loans under the Federal Family Education Loan Program (FFELP), download the Income-Based Repayment Plan Request Form. If you have loans under the Federal Direct Loan Program (FDLP), download the Repayment Plan Selection Form. Be sure to include your family size and additional loan information on your form.
2. When applying for Income-Based Repayment, you must provide a signed copy of your full federal tax return (1040, 1040 A, or 1040 EZ forms). If your tax information is not available, you must provide your consent to the IRS to disclose your adjusted gross income (AGI) to Nelnet using the 4506t Form. If you did not file taxes within the last year, please complete the Alternative Document Form and provide it, along with supporting documentation, with your Income-Based Repayment Plan request form from #1 above.
3. Sign the appropriate forms and return them to:
Nelnet P.O. Box 82565 Lincoln, NE 68501-2565 Fax: 1.866.545.9196
