Income-Based Repayment

Dear Ask American Student Assistance:

Please let me know the best way to determine if my student loans are eligible for income-based repayment.

Sincerely,
Spencer

Dear Spencer:

The best way to determine your eligibility for income-based repayment (IBR) is to talk to your loan holder. You can read about some of the requirements for IBR. If you would like to see if you are eligible for IBR and calculate your payments under IBR, use this calculator.

To get started under IBR, you would need to fill out an application and mail it to your servicer, along with IRS Tax Form 4506-T.

Regards,
American Student Assistance

Loan Repayment

Graduating from college comes with new responsibilities. Repaying your student loan is one of them. Avoid any pitfalls along the way by learning how to successfully repay your loans.