Income-Sensitive Repayment

With this option, the monthly payment amount is adjusted annually to reflect changes in income, based on the borrower’s total monthly income and total student loan debt. This option may be used for a maximum of five years at which time the borrower’s account(s) will convert to graduated or standard payments. Under this option, the borrower is required to provide documentation of income on an annual basis. If documentation of income is not provided each year, the loan(s) will be placed on a standard repayment schedule.