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Senior Contributor
Posts: 3,889
Registered: ‎05-24-2011
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IBR Question

Why haven't they sent me the yearly income worksheet?.

 

Last year by this time I had the new income form. 


Anyone else gotten the new income forms yet?

STARTING: 11/24/10 EQ-584 EXP-648 TU04-595
CLOSED FIRST HOME 8/19/11 EQ-630 EXP-691 TU04-653
CURRENT: EQ-701 EXP-??? TU08-720
Community Leader
Senior Contributor
Posts: 4,336
Registered: ‎09-06-2008
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Re: IBR Question

No idea, I just got approved for IBR myself Smiley Happy

 

How far in advance do they normally send them to you?  Is there somewhere you can download it from?

Latest scores: Walmart TU: 769. MyFICO TU: 769. DCU EQ: 755. MyFICO EQ: 780. PSECU EX: 756. MyFICO EX: 780.
Frequent Contributor
Posts: 443
Registered: ‎03-22-2008
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Re: IBR Question

I just started with IBR in February.  I figure if I haven't heard back from them by the end of December (my 10th payment), I'll call and request the paperwork and submit via fax as soon as I make the 12th payment.  My income went up, so I want to make sure to get in all 12 of the lower payments Smiley Happy

 

Based on the speed with which they take care of things, I would recommend being proactive and contacting them rather than waiting for them to contact you.  Thankfully I make all my payments online because I often get the payment coupon sent to me the day it is due in the mail.  If I waited for them, I would always be making late payments.  They also lost my consolidation paperwork once, so now anything I mail is certified with tracking and I fax over a copy as well, and call to confirm it has been received.


Current:
TU (5/14/14): 796 (Inquiries; 8/23/13)
EQ (3/23/14): 791 (Inquiries: 8/23/13)
EX (9/24/13): 780 (Inquiries: 7/2/12; 11/20/12; 7/30/13; 8/23/13)

Goals: No new inquiries for 2014, 800 for all CRs by 12/31/14
Regular Contributor
Posts: 187
Registered: ‎04-28-2012
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Re: IBR Question

I'm not sure who your loans are with, but you may be able to find the form online.  I know Nelnet has an IBR form online.

I used to post my scores here. However, I'm prone to motion sickness and the ups and downs were nauseating.
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Established Member
Posts: 53
Registered: ‎02-27-2012
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Re: IBR Question

Last I heard, you had to do it yourself and if you didn't by your "anniversary date" they would switch you over to some other payment plan while you were getting everything turned in and them getting it in the system, which could take up to three months. You should call and see! 

Wallet: Citi Foward; 10,000, Lane Bryant; 1,800. AMEX BCE: 2,000 Discover IT: 7,200


Starting Score: 738 (2-27-12)
Current Score: Equifax: 786 (1-24-14) Experian: 749 TransUnion: 772 (4-17-12)
Goal Score: 760 across all 3


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Community Leader
Senior Contributor
Posts: 4,336
Registered: ‎09-06-2008
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Re: IBR Question


SyntheticMemories wrote:

Last I heard, you had to do it yourself and if you didn't by your "anniversary date" they would switch you over to some other payment plan while you were getting everything turned in and them getting it in the system, which could take up to three months. You should call and see! 


This is what I have heard as well.  They will just switch you to a standard repayment plan.

Latest scores: Walmart TU: 769. MyFICO TU: 769. DCU EQ: 755. MyFICO EQ: 780. PSECU EX: 756. MyFICO EX: 780.
Senior Contributor
Posts: 3,889
Registered: ‎05-24-2011
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Re: IBR Question

[ Edited ]

Nobody told me that.  I'll call Monday.  Every year around this time I get a new form to fill out and I fill it out - been enrolled since 2009.  I do remember, now that you mention it, that they did roll me to ICR and I freaked but they switched it right back when i called in - I do remember that I had the new payment on my credit reports by July -

STARTING: 11/24/10 EQ-584 EXP-648 TU04-595
CLOSED FIRST HOME 8/19/11 EQ-630 EXP-691 TU04-653
CURRENT: EQ-701 EXP-??? TU08-720
Senior Contributor
Posts: 3,889
Registered: ‎05-24-2011
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Re: IBR Question (UPDATED INFORMATION)

MV- not sure why i got edited, sorry for whatever it was.  I gave up using naughty words long ago.....????

 

Anyway,  I just thought I'd let you guys know that my loans are sold to another servicer "ASPIRE" - I was told by a guy (who knows more about student loans than anyone I have ever talked to) today that I just need to wait until they contact me to get my new payment for this 12 month period and I couldn't contact them if I wanted to since my info is in the process of being transferred over.

 

He also told me that student loans that are forgiven are NOT taxable under SEC 108f( 26 USC 108)which includes certain incomes that cannot be taxed for indebtedness...(IDk what the legal mumbo was, I was just taking notes for this forum) because someone here wanted me to source how I knew the forgiveness was not taxable.  Now, he may have been talking about the fact that I'm a public employee in the public employee forigveness program of 10 years of on time payments, but I don't think so.

 

He knew all about HR 4170 that will limit student loan payment to 10 years, and 10 percent of available income, and said these would, if passed, be retro'd, so if you've been paying, say, for 8 years, you'd only have two left.  Wouldn't that be grand?  (And only 5 years of payments for public employees in the IBR program).

 

I also learned that you CAN go back between ICR and IBR if you need/want to - but it would be dumb because you would have a balloon payment in there.  (Another topic that was discussed here previously).

 

Thanks all.

 

FYI to anyone interested.

STARTING: 11/24/10 EQ-584 EXP-648 TU04-595
CLOSED FIRST HOME 8/19/11 EQ-630 EXP-691 TU04-653
CURRENT: EQ-701 EXP-??? TU08-720
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