Fillable Form Approved: INCOME-DRIVEN REPAYMENT (IDR) PLAN REQUEST

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IDR
INCOME-DRIVEN REPAYMENT (IDR) PLAN REQUEST
For the Revised Pay As You Earn (REPAYE), Pay As You Earn (PAYE),
Income-Based Repayment (IBR), and Income-Contingent Repayment (ICR)
plans under the William D. Ford Federal Direct Loan (Direct Loan) Program
and Federal Family Education Loan (FFEL) Programs
OMB No. 1845-0102
Form Approved
Expiration Date:
8/31/2021
WARNING: Any person who knowingly makes a false statement or misrepresentation on this form or on
any accompanying document is subject to penalties that may include fines, imprisonment, or both, under
the U.S. Criminal Code and 20 U.S.C. 1097.
Please enter or correct the following information.
SECTION 1: BORROWER INFORMATION
Check this box if any of your information has changed.
SSN
Name
Address
City
State
Zip Code
Telephone - Primary
Telephone - Alternate
Email (Optional)
SECTION 2: REPAYMENT PLAN OR RECERTIFICATION REQUEST
It's faster and easier to complete this form online at StudentLoans.gov. You can learn more at StudentAid.gov/IDR and by
reading Sections 9 and 10. It's simple to get repayment estimates at StudentAid.gov/repayment-estimator. If you need help
with this form, contact your loan holder or servicer for free assistance. You can find out who your loan holder or servicer is at
StudentAid.gov/login. You may have to pay income tax on any loan amount forgiven under an income-driven plan.
1. Select the reason you are submitting this form
(Check only one):
I want to enter an income-driven plan - Continue to
Item 2.
I am submitting documentation for the annual
recertification of my income-driven payment - Skip
to Item 3.
I am submitting documentation early to have my
income-driven payment recalculated immediately -
Skip to Item 3.
I want to change to a different income-driven plan -
Continue to Item 2.
2. Choose a plan and then continue to Item 3.
(Recommended) I want the income-driven
repayment plan with the lowest monthly payment.
REPAYE
PAYE
IBR
ICR
3. Do you have multiple loan holders or servicers?
Yes - Submit a request to each holder or servicer.
Continue to Item 4.
No - Continue to Item 4.
4. Are you currently in deferment or forbearance?
After answering, continue to Item 5.
No.
Yes, but I want to start making payments under my
plan immediately.
Yes, and I do not want to start repaying my loans
until the deferment or forbearance ends.
Note: If you have FFEL Program loans, they are only eligible
for IBR. However, you can consolidate your loans at
StudentLoans.gov
to access more beneficial income-driven
repayment plans.
SECTION 3: FAMILY SIZE INFORMATION
5.
How many children, including unborn
children, are in your family and receive more
than half of their support from you?
6.
How many other people, excluding your
spouse and children, live with you and receive
more than half of their support from you?
Note: A definition of "family size" is provided in Section 9. Do not enter a value for you or your spouse. Those values are
automatically included in your family size, if appropriate.
Page 1 of 10
CFI Form H403 (11/19)
Page 2 of 10
Borrower SSNBorrower Name
SECTION 4A: MARITAL STATUS INFORMATION
7. What is your marital status?
Single - Skip to Item 11.
Married - Continue to Item 8.
Married, but separated - You will be treated as
single. Skip to Item 11.
Married, but cannot reasonably access my spouse's
income information - You will be treated as single.
Skip to Item 11.
8. Does your spouse have federal student loans?
Yes - Continue to Item 9.
No - Skip to Item 10.
9. Provide the following information about your
spouse and then continue to Item 10:
a.
Spouse's SSN
b.
Spouse's Name
c.
Spouse's Date of Birth
10. When you filed your last federal income tax return,
did you file jointly with your spouse?
Yes - Continue to Item 13.
No - Skip to Item 17.
SECTION 4B: INCOME INFORMATION FOR SINGLE BORROWERS AND MARRIED BORROWERS TREATED AS SINGLE
11. Has your income significantly decreased since you
filed your last federal income tax return?
For example, have you lost your job, experienced a
drop in income, or gotten divorced, or did you most
recently file a joint return with your spouse, but you
have since become separated or lost the ability to
access your spouse's income information?
Yes - Continue to Item 12.
No - Provide your most recent federal income tax
return or transcript. Skip to Section 6.
I haven't filed a federal income tax return in the last
two years - Continue to Item 12.
12. Do you currently have taxable income?
Check "No" if you do not have any income or receive
only untaxed income.
No - You are not required to provide documentation
of your income. Skip to Section 6.
Yes - Provide documentation of your income as
instructed in Section 5. Skip to that section.
Note: Remember, any person who knowingly makes a false
statement or misrepresentation on this form can be subject
to penalties including fines, imprisonment, or both.
SECTION 4C: INCOME INFORMATION FOR MARRIED BORROWERS FILING JOINTLY
13.
Has your income significantly decreased since you
filed your last federal income tax return?
For example, have you lost your job or experienced a
drop in income?
Yes - Skip to Item 15.
No - Continue to Item 14.
We haven't filed a federal income tax return in the
last two years - Skip to Item 15.
14. Has your spouse's income significantly decreased
since your spouse filed his or her last federal income
tax return?
For example, has your spouse lost his or her job or
experienced a drop in income?
Yes - Continue to Item 15.
No - Provide your and your spouse's most recent
federal income tax return or transcript. Skip to
Section 6.
15. Do you currently have taxable income?
Check "No" if you do not have any income or receive
only untaxed income.
Yes - You must provide documentation of your
income according to the instructions in Section 5.
Continue to Item 16.
No - You are not required to provide documentation
of your income. Continue to Item 16.
16. Does your spouse currently have taxable income?
Check "No" if your spouse does not have any income
or receives only untaxed income.
Yes - Skip to Section 5 and provide documentation
of your spouse's income as instructed in that
section.
No - You are not required to provide documentation
of your spouse's income. If you selected "Yes" to
Item 15, skip to Section 5 and document your
income. If you selected "No" to Item 15, skip to
Section 6.
Note: Remember, any person who knowingly makes a false statement or
misrepresentation on this form can be subject to penalties including fines,
imprisonment, or both.
CFI Form H403 (11/19)
Page 3 of 10
Borrower SSNBorrower Name
SECTION 4D: INCOME INFORMATION FOR MARRIED BORROWERS FILING SEPARATELY
17. Has your income significantly decreased since you
filed your last federal income tax return?
For example, have you lost your job or experienced a
drop in income?
Yes - Continue to Item 18.
No - Provide your most recent federal income tax
return or transcript. Skip to Item 19.
I haven't filed a federal income tax return in the past
two years - Continue to Item 18.
18. Do you currently have taxable income?
Check "No" if you have no taxable income or receive
only untaxed income. After answering, continue to Item
19.
Yes - You must provide documentation of your
income as instructed in Section 5.
No.
19. Has your spouse's income significantly decreased
since your spouse filed his or her last federal income
tax return?
For example, has your spouse lost a job or
experienced a drop in income?
Yes - Continue to Item 20.
No - Provide your spouse's most recent federal
income tax return or transcript. This information will
only be used if you are on or placed on the REPAYE
Plan. Skip to Section 6.
My spouse hasn't filed a federal income tax return in
the past two years - Continue to Item 20.
20. Does your spouse currently have taxable income?
Check "No" if your spouse has no taxable income or
receives only untaxed income.
Yes - Skip to Section 5 and provide documentation
of your spouse's income as instructed in that
section. This information will only be used if you are
on or placed on the REPAYE Plan.
No - You are not required to provide documentation
of your spouse's income. If you selected "Yes" to
Item 18, skip to Section 5 and document your
income. If you selected "No" to Item 18, skip to
Section 6.
Note: Remember, any person who knowingly makes a false
statement or misrepresentation on this form can be subject
to penalties including fines, imprisonment, or both.
SECTION 5: INSTRUCTIONS FOR DOCUMENTING CURRENT INCOME
You only need to follow these instructions if, based on your answers in Section 4, you and your spouse (if applicable) were
instructed to provide documentation of your current income instead of a tax return or tax transcript.
This is the income you must document:
•
You must provide documentation of all taxable income you and your spouse (if applicable) currently receive.
•
Taxable income includes, for example, income from employment, unemployment income, dividend income, interest
income, tips, and alimony.
•
Do not provide documentation of untaxed income such as Supplemental Security Income, child support, or federal or
state public assistance.
This is how you document your income:
•
Documentation will usually include a pay stub or letter from your employer listing your gross pay.
•
Write on your documentation how often you receive the income, for example, “twice per month” or “every other week."
•
You must provide at least one piece of documentation for each source of taxable income.
•
If documentation is not available or you want to explain your income, attach a signed statement explaining each source
of income and giving the name and the address of each source of income.
• The date on any supporting documentation you provide must be no older than 90 days from the date you sign
this form.
• Copies of documentation are acceptable.
After gathering the appropriate documentation, continue to Section 6.
CFI Form H403 (11/19)
Borrower Name Borrower SSN
SECTION 6: BORROWER REQUESTS, UNDERSTANDINGS, AUTHORIZATION, AND CERTIFICATION
If I am requesting an income-driven repayment plan or seeking to change income-driven repayment plans, I request:
•
That my loan holder place me on the plan I selected in Section 2 to repay my eligible Direct Loan or FFEL Program loans held
by the holder to which I submit this form.
•
If I do not qualify for the plan or plans I requested, or did not make a selection in Item 2, that my loan holder place me on the
plan with the lowest monthly payment amount.
•
If I selected more than one plan, that my loan holder place me on the plan with the lowest monthly payment amount from
the plans that I requested.
•
If more than one of the plans that I selected provides the same initial payment amount, or if my loan holder is determining
which of the income-driven plans I qualify for, that my loan holder use the following order in choosing my plan: REPAYE (if
my repayment period is 20 years), PAYE, REPAYE (if my repayment period is 25 years), IBR, and then ICR.
If I am not currently on an income-driven repayment plan, but I did not complete Item 1 or I incorrectly indicated in Item 1 that I
was already in an income-driven repayment plan, I request that my loan holder treat my request as if I had indicated in Item 1 that I
wanted to enter an income-driven repayment plan.
If I am currently repaying my Direct Loans under the IBR plan and I am requesting a change to a different income-driven plan, I
request a one-month reduced-payment forbearance in the amount of my current monthly IBR payment or $5, whichever is greater
(unless I request another amount below or I decline the forbearance), to help me move from IBR to the new income-driven plan I
requested.
I request a one-month reduced-payment forbearance in the amount of:
(must be at least $5).
I understand that:
•
If I do not provide my loan holder with this completed form and any other required documentation, I will not be placed on
the plan that I requested or my request for recertification or recalculation will not be processed.
•
I may choose a different repayment plan for any loans that are not eligible for income-driven repayment.
•
If I requested a reduced-payment forbearance of less than $5 above, my loan holder will grant my forbearance for $5.
•
If I am requesting a change from the IBR Plan to a different income-driven repayment plan, I may decline the one-month
reduced payment forbearance described above by contacting my loan holder. If I decline the forbearance, I will be placed on
the Standard Repayment Plan and cannot change repayment plans until I make one monthly payment under that plan.
•
If I am requesting the ICR plan, my initial payment amount will be the amount of interest that accrues each month on my
loan until my loan holder receives the income documentation needed to calculate my payment amount. If I cannot afford the
initial payment amount, I may request a forbearance by contacting my loan holder.
•
If I am married and I request the ICR plan, my spouse and I have the option of repaying our Direct Loans jointly under this
plan. My loan servicer can provide me with information about this option.
•
If I have FFEL Program loans, my spouse may be required to give my loan holder access to his or her information in the
National Student Loan Data System (NSLDS). If this applies to me, my loan holder will contact me with instructions.
•
My loan holder may grant me a forbearance while processing my application or to cover any period of delinquency that
exists when I submit my application.
I authorize the entity to which I submit this request and its agents to contact me regarding my request or my loans at any
cellular telephone number that I provide now or in the future using automated telephone dialing equipment or artificial or
prerecorded voice or text messages.
I certify that all of the information I have provided on this form and in any accompanying documentation is true, complete, and
correct to the best of my knowledge and belief and that I will repay my loans according to the terms of my promissory note and
repayment schedule.
Borrower's Signature
Date
Spouse's Signature
Date
Page 4 of 10
If you are married, your spouse is required to sign this form unless you are separated from your spouse or you're
unable to reasonably access your spouse's income information.
CFI Form H403 (11/19)
SECTION 7: WHERE TO SEND THE COMPLETED FORM
Return the completed form and any documentation to:
(If no address is shown, return to your loan holder.)
If you need help completing this form call:
(If no phone number is shown, call your loan holder.)
SECTION 8: INSTRUCTIONS FOR COMPLETING THE FORM
Type or print using dark ink. Enter dates as month-day-year (mm-dd-yyyy). Example: March 14, 2019 = 03-14-2019. Include
your name and account number on any documentation that you are required to submit with this form. Return the
completed form and any required documentation to the address shown in Section 7.
SECTION 9: DEFINITIONS
COMMON DEFINITIONS FOR ALL PLANS:
Capitalization is the addition of unpaid interest to
the principal balance of your loan. This will increase the
principal balance and the total cost of your loan.
A deferment is a period during which you are
entitled to postpone repayment of your loans. Interest is
not generally charged to you during a deferment on your
subsidized loans. Interest is always charged to you during
a deferment on your unsubsidized loans.
The William D. Ford Federal Direct Loan (Direct
Loan) Program includes Direct Subsidized Loans, Direct
Unsubsidized Loans, Direct PLUS Loans, and Direct
Consolidation Loans.
Family size always includes you and your children
(including unborn children who will be born during the
year for which you certify your family size), if the children
will receive more than half their support from you.
For the PAYE, IBR, and ICR Plans, family size always
includes your spouse. For the REPAYE plan, family size
includes your spouse unless your spouse's income is
excluded from the calculation of your payment amount.
For all plans, family size also includes other people
only if they live with you now, receive more than half
their support from you now, and will continue to receive
this support for the year that you certify your family size.
Support includes money, gifts, loans, housing, food,
clothes, car, medical and dental care, and payment of
college costs. Your family size may be different from the
number of exemptions you claim for tax purposes.
The Federal Family Education Loan (FFEL) Program
includes Federal Stafford Loans (both subsidized and
unsubsidized), Federal PLUS Loans, Federal
Consolidation Loans, and Federal Supplemental Loans
for Students (SLS).
A forbearance is a period during which you are
permitted to postpone making payments temporarily,
allowed an extension of time for making payments, or
temporarily allowed to make smaller payments than
scheduled.
The holder of your Direct Loans is the U.S. Department of
Education (the Department). The holder of your FFEL Program
loans may be a lender, secondary market, guaranty agency, or
the Department. Your loan holder may use a servicer to
handle billing, payment, repayment options, and other
communications. References to “your loan holder” on this
form mean either your loan holder or your servicer.
A partial financial hardship is an eligibility requirement
for the PAYE and IBR plans. You have a partial financial
hardship when the annual amount due on all of your eligible
loans (and, if you are required to provide documentation of
your spouse's income, the annual amount due on your
spouse's eligible loans) exceeds what you would pay under
PAYE or IBR.
The annual amount due is calculated based on the greater
of (1) the total amount owed on eligible loans at the time
those loans initially entered repayment, or (2) the total
amount owed on eligible loans at the time you initially
request the PAYE or IBR plan. The annual amount due is
calculated using a standard repayment plan with a 10-year
repayment period, regardless of loan type. When determining
whether you have a partial financial hardship for the PAYE
plan, the Department will include any FFEL Program loans
that you have into account even though those loans are not
eligible to be repaid under the PAYE plan, except for: (1) a
FFEL Program loan that is in default, (2) a Federal PLUS Loan
made to a parent borrower, or (3) a Federal Consolidation
Loan that repaid a Federal or Direct PLUS Loan made to a
parent borrower.
The poverty guideline amount is the figure for your
state and family size from the poverty guidelines
published annually by the U.S. Department of Health and
Human Services (HHS) at
aspe.hhs.gov/poverty-
guidelines
. If you are not a resident of a state identified in
the poverty guidelines, your poverty guideline amount is
the amount used for the 48 contiguous states.
The standard repayment plan has a fixed monthly
payment amount over a repayment period of up to 10
years for loans other than Direct or Federal Consolidation
Loans, or up to 30 years for Direct and Federal
Consolidation Loans.
Page 5 of 10
Send completed form to:
ATTN: Repayment Services
Telephone: 919/821-4743
College Foundation Inc.
www.CFNC.org
P.O. Box 41950
Lender Code 807037
Loans insured by the
North Carolina State Education Assistance Authority
CFI Form H403 (11/19)
SECTION 9: DEFINITIONS (CONTINUED)
DEFINITIONS FOR THE REPAYE PLAN:
The Revised Pay As You Earn (REPAYE) plan is a
repayment plan with monthly payments that are
generally equal to 10% of your discretionary income,
divided by 12.
Discretionary income for the REPAYE plan is the
amount by which your income exceeds 150% of the
poverty guideline amount.
Eligible loans for the REPAYE plan are Direct Loan
Program loans other than: (1) a loan that is in default, (2)
a Direct PLUS Loan made to a parent borrower, or (3) a
Direct Consolidation Loan that repaid a Direct or Federal
PLUS Loan made to a parent borrower.
DEFINITIONS FOR THE PAYE PLAN:
The Pay As You Earn (PAYE) plan is a repayment
plan with monthly payments that are generally equal to
10% of your discretionary income, divided by 12.
Discretionary income for the PAYE plan is the
amount by which your income exceeds 150% of the
poverty guideline amount.
Eligible loans for the PAYE plan are Direct Loan
Program loans other than: (1) a loan that is in default, (2)
a Direct PLUS Loan made to a parent borrower, or (3) a
Direct Consolidation Loan that repaid a Direct or Federal
PLUS Loan made to a parent borrower.
You are a new borrower for the PAYE plan if: (1) you
have no outstanding balance on a Direct Loan or FFEL
Program loan as of October 1, 2007 or have no
outstanding balance on a Direct Loan or FFEL Program
loan when you obtain a new loan on or after October 1,
2007, and (2) you receive a disbursement of an eligible
loan on or after October 1, 2011, or you receive a Direct
Consolidation Loan based on an application received on
or after October 1, 2011.
DEFINITIONS FOR THE IBR PLAN:
The Income-Based Repayment (IBR) plan is a
repayment plan with monthly payments that are
generally equal to 15% (10% if you are a new borrower)
of your discretionary income, divided by 12.
Discretionary income for the IBR plan is the amount
by which your adjusted gross income exceeds 150% of
the poverty guideline amount.
Eligible loans for the IBR plan are Direct Loan and
FFEL Program loans other than: (1) a loan that is in
default, (2) a Direct or Federal PLUS Loan made to a
parent borrower, or (3) a Direct or Federal Consolidation
Loan that repaid a Direct or Federal PLUS Loan made to a
parent borrower.
You are a new borrower for the IBR plan if (1) you
have no outstanding balance on a Direct Loan or FFEL
Program loan as of July 1, 2014 or (2) have no
outstanding balance on a Direct Loan or FFEL Program
loan when you obtain a new loan on or after July 1, 2014.
DEFINITIONS FOR THE ICR PLAN:
The Income-Contingent Repayment (ICR) plan is a
repayment plan with monthly payments that are the
lesser of (1) what you would pay on a repayment plan
with a fixed monthly payment over 12 years, adjusted
based on your income or (2) 20% of your discretionary
income divided by 12.
Discretionary income for the ICR plan is the amount
by which your adjusted gross income exceeds the
poverty guideline amount for your state of residence and
family size.
Eligible loans for the ICR plan are Direct Loan Program
loans other than: (1) a loan that is in default, (2) a Direct PLUS
Loan made to a parent borrower, or (3) a Direct PLUS
Consolidation Loan (based on an application received prior to
July 1, 2006 that repaid Direct or Federal PLUS Loans made to
a parent borrower). However, a Direct Consolidation Loan
made based on an application received on or after July 1,
2006 that repaid a Direct or Federal PLUS Loan made to a
parent borrower is eligible for the ICR plan.
Page 6 of 10
CFI Form H403 (11/19)
SECTION 10: INCOME-DRIVEN PLAN ELIGIBILITY REQUIREMENTS AND GENERAL INFORMATION
Table 1. Income-Driven Plan Eligibility Requirements and General Information
Plan Feature REPAYE PAYE IBR ICR
Payment
Amount
Generally, 10% of discretionary income. Generally, 10% of discretionary
income.
Never more than 15% of
discretionary income.
Lesser of 20% of discretionary
income or what you would pay
under a repayment plan with fixed
payments over 12 years, adjusted
based on your income.
Cap on
Payment
Amount
None. Your payment may exceed what
you would have paid under the 10-year
standard repayment plan.
What you would have paid under
the 10-year standard repayment
plan when you entered the plan.
What you would have paid under
the 10-year standard repayment
plan when you entered the plan.
None. Your payment may exceed
what you would have paid under
the 10-year standard repayment
plan.
Married
Borrowers
Your payment will be based on the
combined income and loan debt of you
and your spouse regardless of whether
you file a joint or separate Federal
income tax return, unless you and your
spouse (1) are separated or (2) you are
unable to reasonably access your
spouse's income information.
Your payment will be based on the
combined income and loan debt of
you and your spouse only if you
file a joint Federal income tax
return, unless you and your spouse
(1) are separated or (2) you are
unable to reasonably access your
spouse's income information.
Your payment will be based on the
combined income and loan debt
of you and your spouse only if you
file a joint Federal income tax
return, unless you and your spouse
(1) are separated or (2) you are
unable to reasonably access your
spouse's income information.
Your payment will be based on the
combined income of you and your
spouse only if you file a joint
Federal income tax return, unless
you and your spouse (1) are
separated or (2) you are unable to
reasonably access your spouse's
income information.
Borrower
Responsibility
for Interest
On subsidized loans, you do not have to
pay the difference between your
monthly payment amount and the
interest that accrues for your first 3
consecutive years in the plan. On
subsidized loans after this period and on
unsubsidized loans during all periods,
you only have to pay half the difference
between your monthly payment amount
and the interest that accrues.
On subsidized loans, you do not
have to pay the difference
between your monthly payment
amount and the interest that
accrues for your first 3 consecutive
years in the plan.
On subsidized loans, you do not
have to pay the difference
between your monthly payment
amount and the interest that
accrues for your first 3 consecutive
years of in the plan.
You are responsible for paying all
of the interest that accrues.
Forgiveness
Period
If you only have eligible loans that you
received for undergraduate study, any
remaining balance is forgiven after 20
years of qualifying repayment. If you
have any eligible loans that you received
for graduate or professional study, any
remaining balance is forgiven after 25
years of qualifying repayment on all of
your loans. Forgiveness may be taxable.
Any remaining balance is forgiven
after 20 years of qualifying
repayment, and may be taxable.
Any remaining balance is forgiven
after no more than 25 years of
qualifying repayment, and may be
taxable.
Any remaining balance is forgiven
after 25 years of qualifying
repayment, and may be taxable.
Page 7 of 10
CFI Form H403 (11/19)
SECTION 10: INCOME-DRIVEN PLAN ELIGIBILITY REQUIREMENTS AND GENERAL INFORMATION
Plan Feature REPAYE PAYE IBR ICR
Income
Eligibility
None. You must have a “partial financial
hardship”.
You must have a “partial financial
hardship”.
None.
Borrower
Eligibility
You must be a Direct Loan borrower
with eligible loans.
You must be a “new borrower”
with eligible Direct Loans.
You must be a Direct Loan or FFEL
borrower with eligible loans.
You must be a Direct Loan
borrower with eligible loans.
Recertify
Income and
Family Size
Annually. Failure to submit
documentation by the deadline will
result in capitalization of interest and
increasing your payment to ensure that
your loan is paid in full over the lesser of
10 or the remainder of 20 or 25 years.
Annually. Failure to submit
documentation by the deadline
may result in the capitalization of
interest and will increase the
payment amount to the 10-year
standard payment amount.
Annually. Failure to submit
documentation by the deadline
will result in the capitalization of
interest and increase in payment
amount to the 10-year standard
payment amount.
Annually. Failure to submit
documentation by the deadline
will result in the recalculation of
your payment amount to be the
10-year standard payment amount.
Leaving the
Plan
At any time, you may change to any
other repayment plan for which you are
eligible.
At any time, you may change to
any other repayment plan for
which you are eligible.
If you want to leave the plan, you
will be placed on the standard
repayment plan. You may not
change plans until you have made
one payment under that plan or a
reduced-payment forbearance.
At any time, you may change to
any other repayment plan for
which you are eligible.
Interest
Capitalization
Interest is capitalized when you are
removed from the plan for failing to
recertify your income by the deadline or
when you voluntarily leave the plan.
If you are determined to no longer
have a “partial financial hardship”
or if you fail to recertify your
income by the deadline, interest is
capitalized until the outstanding
principal balance on your loans is
10% greater than it was when you
entered the plan. It is also
capitalized if you leave the plan.
If you are determined to no longer
have a “partial financial hardship”,
fail to recertify your income by the
deadline, or leave the plan,
interest is capitalized.
Interest that accrues when your
payment amount is less than
accruing interest on your loans is
capitalized annually until the
outstanding principal balance on
your loans is 10% greater than it
was when your loans entered
repayment.
Re-Entering
the Plan
Your loan holder will compare the total
of what you would have paid under
REPAYE to the total amount you were
required to pay after you left REPAYE. If
the difference between the two shows
that you were required to paid less by
leaving REPAYE, your new REPAYE
payment will be increased. The increase
is equal to the difference your loan
holder calculated, divided by the
number of months remaining in the 20-
or 25-year forgiveness period.
You must again show that you
have a “partial financial hardship”.
You must again show that you
have a “partial financial hardship”.
No restrictions.
Page 8 of 10
CFI Form H403 (11/19)
SECTION 11: SAMPLE PAYMENT AMOUNTS
The tables below provide repayment estimates under the traditional and income-driven repayment plans. These figures are estimates based on an interest rate of
6%, the average Direct Loan interest rate for undergraduate and graduate borrowers. The figures also assume a family size of 1, that you live in the continental U.S.,
and that your income increases 5% each year. Various factors, including your interest rate, your loan debt, your income, if and how quickly your income rises, and
when you started borrowing may cause your repayment to differ from the estimates shown in these tables. These figures use the 2016 Poverty Guidelines and
Income Percentage Factors.
Table 2. Non-Consolidation, Undergraduate Loan Debt of $30,000
in Direct Unsubsidized Loans and Starting Income of $25,000
Repayment
Plan
Initial
Payment
Final
Payment
Time in
Repayment
Total
Paid
Loan
Forgiveness
Standard $333 $333 10 years $33,967 N/A
Graduated $190 $571 10 years $42,636 N/A
Extended-
Fixed
Ineligible - - - -
Extended-
Graduated
Ineligible - - - -
PAYE $60 $296 20 years $38,105 $27,823
REPAYE $60 $296 20 years $38,105 $24,253
IBR $90 $333
21 years, 10
months
$61,006 $0
ICR $195 $253
19 years, 6
months
$52,233 $0
Table 3. Non-Consolidation, Graduate Loan Debt of $60,000 in
Direct Unsubsidized Loans and Starting Income of $40,000
Repayment
Plan
Initial
Payment
Final
Payment
Time in
Repayment
Total
Paid
Loan
Forgiveness
Standard $666 $666 10 years $79,935 N/A
Graduated $381 $1,143 10 years $85,272 N/A
Extended-
Fixed
$437 $437 25 years $130,974 N/A
Extended-
Graduated
$300 $582 25 years $126,168 N/A
PAYE $185 $612 20 years $87,705 $41,814
REPAYE $185 $816 25 years $131,444 $0
IBR $277 $666
18 years, 3
months
$107,905 $0
ICR $469 $588
13 years, 9
months
$89,468 $0
Page 9 of 10
CFI Form H403 (11/19)
SECTION 12: IMPORTANT NOTICES
Privacy Act Notice. The Privacy Act of 1974 (5 U.S.C.
552a) requires that the following notice be provided to you:
The authorities for collecting the requested
information from and about you are §421 et seq. and §451
et seq. of the Higher Education Act of 1965, as amended (20
U.S.C. 1071 et seq. and 20 U.S.C. 1087a et seq.), and the
authorities for collecting and using your Social Security
Number (SSN) are §§428B(f) and 484(a)(4) of the HEA (20
U.S.C. 1078-2(f) and 1091(a)(4)) and 31 U.S.C. 7701(b).
Participating in the Federal Family Education Loan (FFEL)
Program or the William D. Ford Federal Direct Loan (Direct
Loan) Program and giving us your SSN are voluntary, but
you must provide the requested information, including your
SSN, to participate.
The principal purposes for collecting the
information on this form, including your SSN, are to verify
your identity, to determine your eligibility to receive a loan
or a benefit on a loan (such as a deferment, forbearance,
discharge, or forgiveness) under the FFEL and/or Direct
Loan Programs, to permit the servicing of your loans, and, if
it becomes necessary, to locate you and to collect and
report on your loans if your loans become delinquent or
default. We also use your SSN as an account identifier and to
permit you to access your account information
electronically.
The information in your file may be disclosed, on a
case-by-case basis or under a computer matching program,
to third parties as authorized under routine uses in the
appropriate systems of records notices. The routine uses of
this information include, but are not limited to, its disclosure
to federal, state, or local agencies, to private parties such as
relatives, present and former employers, business and
personal associates, to consumer reporting agencies, to
financial and educational institutions, and to guaranty
agencies in order to verify your identity, to determine your
eligibility to receive a loan or a benefit on a loan, to permit
the servicing or collection of your loans, to enforce the
terms of the loans, to investigate possible fraud and to verify
compliance with federal student financial aid program
regulations, or to locate you if you become delinquent in
your loan payments or if you default. To provide default rate
calculations, disclosures may be made to guaranty agencies,
to financial and educational institutions, or to state
agencies. To provide financial aid history information,
disclosures may be made to educational institutions.
To assist program administrators with tracking
refunds and cancellations, disclosures may be made to
guaranty agencies, to financial and educational institutions,
or to federal or state agencies. To provide a standardized
method for educational institutions to efficiently submit
student enrollment statuses, disclosures may be made to
guaranty agencies or to financial and educational
institutions. To counsel you in repayment efforts, disclosures
may be made to guaranty agencies, to financial and
educational institutions, or to federal, state, or local
agencies.
In the event of litigation, we may send records to
the Department of Justice, a court, adjudicative body,
counsel, party, or witness if the disclosure is relevant and
necessary to the litigation. If this information, either alone or
with other information, indicates a potential violation of
law, we may send it to the appropriate authority for action.
We may send information to members of Congress if you
ask them to help you with federal student aid questions. In
circumstances involving employment complaints,
grievances, or disciplinary actions, we may disclose relevant
records to adjudicate or investigate the issues. If provided
for by a collective bargaining agreement, we may disclose
records to a labor organization recognized under 5 U.S.C.
Chapter 71. Disclosures may be made to our contractors for
the purpose of performing any programmatic function that
requires disclosure of records. Before making any such
disclosure, we will require the contractor to maintain Privacy
Act safeguards. Disclosures may also be made to qualified
researchers under Privacy Act safeguards.
Paperwork Reduction Notice. According to the
Paperwork Reduction Act of 1995, no persons are required
to respond to a collection of information unless it displays a
valid Office of Management and Budget (OMB) control
number. The valid OMB control number for this information
collection is 1845-0102. Public reporting burden for this
collection of information is estimated to average 20 minutes
(0.33 hours) per response, including time for reviewing
instructions, searching existing data sources, gathering and
maintaining the data needed, and completing and
reviewing the information collection. Individuals are
obligated to respond to this collection to obtain a benefit in
accordance with 34 CFR 682.215, 685.209, or 685.221.
If you have comments or concerns regarding the
status of your individual submission of this form, please
contact your loan holder directly (see Section 7).
Page 10 of 10
CFI Form H403 (11/19)
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