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Income-Based Repayment (IBR): Request Form and Alternative Documention of Income Form Added to NLS website

January 4, 2012

The Income-Based Repayment (IBR) plan continues to be a topic of interest among financial aid professionals.  As requested by school clients, we added the IBR Request form and the Alternative Documentation form to the linked IBR resources on our website.

In order to request IBR and determine eligibility, a borrower may submit the Income-Based Repayment Plan Request form to their servicer. This form, provided by the Department of Education, is accepted by all of the federal servicers. Nelnet borrowers also have the option of requesting IBR online or by contacting our customer service department via phone or email. Additional documentation will be required in order to complete eligibility.

If a borrower’s income, as shown on their most recently filed tax return, does not accurately reflect their current income, they should complete the IBR Plan Alternative Documentation of Income form.  Reasons for this could include job loss, part-time employment, recent move, etc.

If the income of a borrower currently in IBR significantly decreases prior to the scheduled annual review of income, the borrower should notify the servicer immediately.  If the AGI does not reasonably reflect the borrower’s current income, the servicer is authorized to use the alternative documentation of income provided and adjust the required monthly IBR payment at any time.

You may refer to the IBR Fact Sheet for more information regarding this plan. Was this helpful? Do you have additional questions regarding IBR? Please share those by commenting on this post.

Lou Murray, Southwest Regional Director, Nelnet Partner Solutions

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