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U.S. Dept. of Education Announces Electronic IBR Application Process

January 23, 2013 | Adam S. Minsky, Esq. Income-Based Repayment Pay-As-You-Earn

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If you’ve been following this blog, then you know all about the complete mess surrounding IBR applications and annual recertification. If you’re a federal student loan borrower, you may have already experienced the joys of this maddening process, and even I wasn’t immune to the dysfunction. Luckily, my problem has been resolved (whew).

Well, there might be a solution on the horizon. The U.S. Dept. of Education has announced the creation of an electronic application and annual recertification process for income-sensitive repayment programs includingIncome-Based Repayment (IBR), Income-Contingent Repayment (ICR), and the new Pay As You Earn (PAYE)program. This would, theoretically, eliminate some of the mistakes caused by the current paper process (such as, oh I don’t know, pages being lost or misplaced) by allowing a borrower to submit everything online. The application would also allow the borrower to link to the federal student loan database and to the IRS to access information on your taxable income and family size, which is used to calculate your payment. This application option should start to be phased in to federal loan servicing this year, I believe.

My initial reaction can be summed up in two words: cautious optimism. I applaud the Department’s efforts to address what can only be described as a holy mess of a bureaucracy that not only inconveniences borrowers, but can actually wind up costing them a lot of money. That said, I’m sure there will be bugs, and I can only imagine what new nightmares await borrowers who are simply trying to do the right thing and pay back their loans. We’ll see.

Click here to read more about the new Electronic IBR Application Process.

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Income-Based Repayment Pay-As-You-Earn

About Adam S. Minsky, Esq.

Adam S. Minsky founded the first law office in Massachusetts devoted entirely to assisting student loan borrowers, and he is one of the only attorneys in the country practicing in this area of law. He provides counsel, legal assistance, and direct advocacy for borrowers on a variety of student loan-related matters. He regularly speaks to students, graduates, and advocates about the latest developments in higher education financing.

Books by Adam S. Minsky

The Student Loan Handbook for Law Students and Attorneys

The Student Loan Handbook for Law Students and Attorneys

Student Loan Debt 101

Student Loan Debt 101: The Definitive Guide to Understanding and Managing Your Student Loans

Student Loans for Parents and Cosigners

The Student Loan Guide for Parents and Cosigners

617-936-2788
asminsky@minsky-law.com
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Boston, MA 02110

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