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If I start making payments on my Direct Loan under IBR while serving in AmeriCorps, will my payments under IBR change when I leave AmeriCorps if I make more money?

Published 12/20/2010 05:55 PM   |    Updated 01/09/2011 11:34 PM
If I start making payments on my Direct Loan under IBR while serving in AmeriCorps, will my payments under IBR change when I leave AmeriCorps if I make more money?
Probably. Your payments under IBR will be re-calculated annually, and are based on your adjusted gross income. Once you qualify for IBR, you can remain in IBR as long as you choose. Depending upon your adjusted gross income, your family size, and the poverty guidelines, your monthly payment amount could be larger or smaller year to year, but will never exceed the monthly payment amount you would make under a standard 10-year repayment plan. You may find the IBR calculator available at finaid.org helpful in calculating what your monthly payments would be under IBR. Reference: 34 CFR ยง 682.215
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