Determine Your Eligibility for Income-Based Repayment

[Pages:1]Determine Your Eligibility for Income-Based Repayment

If you think Income-Based Repayment (IBR) may be right for you, can help you find out if you qualify, and show you how to apply. The reward of an affordable payment is worth the effort.

You can begin managing your Great Lakes loans once you are logged into your account.

Select "Repayment Plans" from the Quick Links menu.

Select "View available income-based options" under Repayment Options Based on Your Income.

Answer the questions provided to determine your eligibility.

Review your estimated monthly payment amount, if you qualify.

Continue to make your current payments until you receive notification that your IBR payment plan has been set up.

Before Selecting IBR, Consider All of Your Available Repayment Options

will provide you with a list of available repayment plans based on your loans. The plan you select will determine your monthly payment amount, the length of time in repayment, and the total cost of your student loan. Select the plan that best fits your personal situation.

Things to consider:

? Am I willing to reapply every year to receive reduced payments?

? Am I willing to pay significantly more in interest over the life of the loan, so that I can have a lower payment now?

? Am I okay with taking longer to repay my student loan? Keep in mind that there is no penalty for paying early, which will save you interest.

? Am I willing to pay taxes on any loan amount I someday may receive forgiveness for?

If you decide that IBR is right for you, follow the instructions to download and complete the application. To avoid some common errors:

? Include a signed copy of your previous year's income tax return, or IRS form 4506-T if you do not have your income tax return.

? Include the number of people in your household (self, spouse, children).

Additional Resources Available on

The Great Lakes website offers a wealth of information. Visit the Knowledge Center on to view webcasts, receive online guidance, or contact us directly to help you take control of your student loans.

?2012 Great Lakes Higher Education Corporation and Affiliates. All rights reserved. (04/12)

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