CFPB - FIXIT FORM for income Driven repayment plans

[ICANHASMUNY?]

http://www.consumerfinance.gov/about-us/blog/trying-enroll-income-driven-repayment-plan-avoid-applicationabyss-our-student-loan-tips-and-resources/

 

 

 

 

Lost paperwork? Unexpected and lengthy delays? Different answers each time you call your servicer with questions?

Every day, we hear from borrowers experiencing these problems as they struggle to repay their student loans. We’re here to help.

If you have federal student loans and are trying to make your payments more affordable, you can change your repayment plan at any time. Almost all federal student loan borrowers have the right to a repayment plan that can set their monthly student loan payment based on their income. These income-driven repayment (IDR) plans can make your monthly payment as little as 10 percent of your income.

Despite the right to an IDR plan, borrowers still struggle to enroll. Generally, processing your IDR application should take no more than two weeks. However, many borrowers have told us that their applications sit under review for months at a time. As these borrowers linger in repayment limbo, they lose account benefits, their loans accrue interest, and progress towards loan forgiveness is halted. Today, we released a report detailing these obstacles, and many more.

We can help you stay on track to get an income-driven payment

 

We released the new Income-Driven Repayment Application Fix It Form (IDR Fix It Form ). If you’re one of the millions of borrowers who don’t use their tax return when enrolling in or recertifying income under an IDR plan, the IDR Fix It Form can guide you through the process of submitting alternative documentation of income. Additionally, the IDR Fix It Form can facilitate actionable communication from your servicer, and help you avoid IDR application abyss.

By submitting the IDR Fix It Form with your IDR application, your servicer can clearly communicate whether your application has been approved, denied, or needs to be corrected. If a correction is needed, the IDR Fix it Form can help you understand how to "fix it" and stay on track.

Here is how you can use the IDR Fix It Form: Begin the online application at studentloans.gov , and print out the completed application to include in your submission to your servicer. You can also find a copy of the application here . Next, follow the instructions specific to your financial situation in our IDR Fix It Form to guide you through the rest of the application proce

[FreQko]

thanks for this info!!