INCOME CONTINGENT REPAYMENT PLAN

The Income Contingent Repayment Plan (ICR) is designed to help students destined for low salaries (because of careers in nonprofit organizations or public service) pay off their student loans. The ICR plan tailors your monthly payment based on your income, family size and amount borrowed, but here are some additional points you might want to take note of when trying to understand the ICR.

Offset Bypass

I found out about something called Offset Bypass Refunds; under certain limited circumstances where "significant financial hardships" exsist manual refunds may be issued without first satisfyingt outstanding tax liabilities. I found out that you use forms 5792 and 3753 and provide proof of your hardship. I could not find the forms and I do not know how to do it so I will gather my proof and go to a tax professional.

Update

It has been a long time since my last post. I have good news. My new employer pays tuition! Yeah!

Can I Get Another Chance?

I want to go back to school!

Dang Recession!

I could not make my student loan rehabilitation payment this month. A representative from the program said it would work with me...I hope so.

Good News

I got a call from the loan rehabilitation company and they told me I would be eligible for pell grants in three months! yea!

Should Have Gotten It In Writing

I was told when I signed up for my student loan rehabilitation program that after my first payment that the offset on my tax return would be lifted. I was also told that I would receive a packet in the mail that outlined the program...I should have called when I didn't receive it but I naively thought it had just been delayed. When I finally did call after my first payment I was made aware that the offset would be removed after nine months of being on the program.Getting my refund at all is good news and worth being on the program, and the program has other good benefits as well, but if you decide to sign up for a program get everything in writing before you make any payments.