A student loan expert writes:
The Dept. of Ed has released a new form for borrowers who wish to select Income-Based Repayment (IBR), Income-Contingent Repayment (ICR), or the new Pay-As-You-Earn plan (available starting tomorrow). This form replaces the repayment section form AND the alternative documentation of income form (ADOI).
Borrowers should use this form; however, the Department of Education will continue to accept the old forms until April 2013.
Here is the Department’s announcement: http://www.ifap.ed.gov/dpcletters/GEN1222.html.
With luck, having only one form to complete will be easier for borrowers.
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