Income-Sensitive Repayment Plan

If you are having difficulty making your regularly scheduled payments, you can apply with your servicer to have your monthly payments based on your income.

Under an income-sensitive repayment plan, you can apply to have your monthly payment based on your income. Your servicer will ask you for income verification and will work with you to determine a payment amount.

The income-sensitive plan is in effect for a period of 12 months at a time. After that time, you should carefully review all repayment plans available to you and choose the one that best suits your current financial needs. If you decide that income-sensitive is still the best option, you will need to reapply with your servicer.

Since your monthly payments will be lower under this option, the total cost of the loan will be higher than under a standard repayment plan. However, this option may be right for you if you are having trouble making monthly payments. Be sure to choose the plan that makes sense for you.