You must do this even if there has been no change in your income or family size.Your loan servicer will send you a reminder notice when it’s time for you to recertify.To do this, submit a new application for an income-driven repayment plan.When asked to select the reason for submitting the application, respond that you are submitting documentation early because you want your servicer to recalculate your payment immediately.Each year you must “recertify” your income and family size.This means that you must provide your loan servicer with updated income and family size information so that your servicer can recalculate your payment.To qualify, the payment you would be required to make under the PAYE or IBR plan (based on your income and family size) must be less than what you would pay under the Standard Repayment Plan with a 10-year repayment period.
How is my monthly payment amount calculated under an income-driven repayment plan? What types of federal student loans can I repay under an income-driven repayment plan? How do I decide which income-driven repayment plan to choose?
Ford Federal Direct Loan (Direct Loan) Program loan or Federal Family Education Loan (FFEL) Program loan when you received a Direct Loan on or after July 1, 2014.
(Because no new FFEL Program loans have been made since June 30, 2010, only Direct Loan borrowers can qualify as new borrowers on or after July 1, 2014.) Top Use our Repayment Estimator.
This means that you must have had no outstanding balance on a Direct Loan or FFEL Program loan when you received a Direct Loan or FFEL Program loan on or after Oct.
1, 2007, and you must have received a disbursement of a Direct Loan on or after Oct. Any borrower with eligible federal student loans can make payments under this plan.