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Income-Based Repayment

Income-Based Repayment (IBR) is available to Federal student loan borrowers in both the Direct and Guaranteed (FFEL) loan programs (except a loan that is in default, a Federal PLUS loan made to a parent borrower, or a Federal Consolidation loan that consolidated a Federal PLUS loan made to a parent borrower).

• Available for:
  • Stafford, FISL, SLS, Grad PLUS, ALAS and Federal Consolidation loans that do not include Parent PLUS loans.
  • Perkins, HPSL, and HEAL loans are eligible if included in a FFELP or DL Consolidation loan.

• Not available for:
  • Parent PLUS loans or Consolidation loans that include Parent PLUS loans.
  • Private (or "alternative") student loans, state loans, and other loans not guaranteed by the federal government.

To qualify for the income-based repayment plan, you must have a partial financial hardship. "Partial financial hardship" is defined as the circumstance when the annual amount due on all of on your eligible loans, as calculated under a standard repayment plan based on a 10-year repayment period when you initially entered repayment, exceeds 15 percent of the difference between your adjusted gross income and 150 percent of the poverty line for your family size. You will be required to reapply annually to determine your eligibility for partial financial hardship.

Please contact GSM&R to determine your eligibility for the IBR payment plan and to request an application.

If you have eligible loans held by two or more loan holders and want to repay them under the IBR plan, you must request an IBR plan from each loan holder and provide each loan holder with the necessary documentation.

Accrued interest is capitalized at the time you choose to leave the IBR plan or no longer have a partial financial hardship.

To apply for IBR, please contact GSM&R at (800) 719-0708. Please have your most recent tax return, family size and a list of all eligible loans ready when you call to assist us in determining your eligibility.

During the review and approval/denial of your IBR request our Customer Service Representatives do not have access to any other status than "pending". Once approved, you will receive a new disclosure statement with your partial financial hardship payment schedule. You can also obtain this information through our 24-hour automated account access option available at 1-800-719-0708 or through our borrower access site at www.nhheaf.org. Until your application is approved, you must continue to make your scheduled monthly payments on your account.