- Income driven repayment programs calculate your new payments based on your income and expenses, not your loan balance.
Recertifying your income driven repayment (IDR) plan for Pay As You Earn (PAYE), Revised Pay As You Earn (REPAYE), Income-Based Repayment (IBR) or Income-Contingent Repayment (ICR) can open up opportunities to pay less if you’re pursuing PSLF or other student loan forgiveness.
The student loan repayment system was not designed to stop and start payments for millions, so expect confusion and a bit of chaos amidst the payment suspension and as student loan payments resume on August 31, 2022.
That said, we know enough already to give you some great tips on how to pay less on your IDR payments.
If you’re in an income-driven repayment plan and your circumstances change, your payments might change too — but only once a year.
Student loan recertification is the U.S. Department of Education’s process to determine the new monthly payment for borrowers in an income-driven repayment plan. To avoid consequences, borrowers must complete the annual recertification before their repayment period ends.
"Note: Only federal student loans are eligible for income-driven repayment. If you have private student loans, check with your lender to see what repayment options they offer."
You can recertify your income-based repayment plan as soon as possible by contacting us