If you are on an Income-Driven Repayment plan, you must submit an annual renewal request in order to prevent your monthly payment from increasing.
If you are currently making payments via automatic debit (KwikPay®), and we do not receive the required form and supporting documentation, the new, potentially higher payment amount will be debited automatically. Please note that any unpaid interest may be capitalized (added to the principal balance) at the end of the 12-month reduced-payment period.
Below you will find information on the different ways you can renew your IDR plan.
Option 1: Online Application
You can access the link via StudentLoans.gov.* You will need to log in with your verified FSA ID (please note this is different than your Edfinancial user ID and password); if you do not have an FSA ID, follow the prompts to create an ID. Once you've logged in with your FSA ID, you can electronically renew your Income-Driven Repayment plan by completing the form online. This process allows you to pull your tax information directly from the IRS and allows you to include information about any eligible student loans you owe to another loan holder.
*Only Direct Loan borrowers are able to utilize the electronic application. If your account number begins with a "C" then you must complete the paper application.
Option 2: Paper Application
You may complete the Income-Driven Repayment Plan Request form in full and provide a copy of your most recently filed tax return or tax return transcript. If you believe that your adjusted gross income, as reported on your most recently filed federal income tax return, does not reasonably reflect your current income, you must provide alternative documentation of all taxable income that you and your spouse (if applicable) are currently receiving. You may securely upload your completed application with the Document Upload feature within Manage My Account or you may view our Contact Us page for where to send the required documentation.
You can access the form and step-by-step instructions at www.edfinancial.com/IDR. Visit Manage My Account to access your account information, sign up for automatic payment through KwikPay®, and apply for a deferment or forbearance.