Many students have the privilege to have income-driven repayment plans such as IBR and PAYE. As you may know, these programs lower monthly payments from the devastating amounts required under the Standard Repayment Plan to something more feasible, but require an annual recertification.
These plans are far from being a one time solution and unfortunately have to be “recertified” once a year. The recertification process will confirm the continued eligibility and adjustment of your monthly payment will be made based on any changes from your income or family size. Every individual is required to recertify income-based repayment plans whether or not your income or family size changed. If you miss a recertification, your payments will no longer be based on your income. Your plan will automatically change into a Standard Repayment amount or more if you’re on ICR or REPAYE. This is a very important step that Select Student Services specializes in.
Recertification for your IBR
The recertification process is the submission of a new application for your income-driven repayment. This application just so happens to be the same application you filled out originally but you would indicate your’re submitting documentation for payment recalculation. An IBR proof of income normally consists of your federal tax return. If for some reason you did not file a return in over two years or perhaps your return doesn’t reflect your current circumstances, then a pay stub or confirmation that you aren’t receiving income will normally be acceptable. Anyone on an IDR plan(s) with multiple servicers, you would have to recertify with each servicer. Annual recertification is necessary and must be done before the deadline or anytime your income or family size changes. You might find yourself needing to recertify several times a year. Select Student Services has educated and continues to educate all employees to properly and accurately recertify income-based repayment plans to avoid any issues or interruptions.