Learn more about the limited time waiver for the Public Service Loan Forgiveness (PSLF) program.
Learn more about the Department of Education's recent announcement about Income-Driven Repayment Account Adjustments.
Learn more about the limited time waiver for the Public Service Loan Forgiveness (PSLF) program.
Learn more about the Department of Education's recent announcement about Income-Driven Repayment Account Adjustments.
VSAC will be closed Monday, May 30, 2022 in observance of Memorial Day.
Income-based repayment (IBR) is a long-term student loan repayment program designed to keep your federal student loan payments affordable. With IBR, your payment amount is based on your income and family size—and is reassessed and adjusted each year to keep it affordable.
IBR can be very helpful if you’re struggling to make your loan payments. But you should also keep in mind that your reduced payments while in IBR may not cover the interest on your federal student loan. As a result, the loan balance can grow and you may pay more interest over the life of the loan.
You may qualify for this federal student loan repayment program if:
Other federal loans as well as nonfederal, state, or other student loans not guaranteed by the federal government are not eligible for this repayment program.
Keep in mind: IBR is one of several student loan repayment programs and is not right for everyone. There are other options available, both short- and long-term. If you have a consolidated loan, we strongly encourage you to contact us to discuss your options prior to applying.
You can apply online through the Department of Education's website at StudentAid.gov/app/ibrInstructions.action You will need your FSA ID to login and submit the application. The online application is the most efficient way to apply.
If you prefer to submit a paper application, follow these 5 steps to apply for this federal student loan repayment program:
Keep in mind: You remain responsible for your loan payments during the IBR application process, unless you have made other arrangements with us. Incomplete forms or documentation will delay your request to enter this federal student loan repayment program.