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Income Sensitive Repayment Plan (ISR Plan)
1. The Income Sensitive Repayment Plan is an agreement between you and your lender/servicer to continue to make monthly
payments, for a designated period of 12 months, where the payment amount will be reduced to cover an amount that is at least
equal to your monthly interest accrual cost.
2. The scheduled ISR Plan monthly payment amount will be the larger amount of either:
(A) 4% of your gross monthly income (income before taxes and other deductions), or
(B) Your current monthly interest accrual cost rounded up to the nearest $5 increment.
3. THINGS TO CONSIDER:
- This plan can increase the amount of interest I will pay over the life of the loan.
- This plan can increase the length of my repayment term beyond the normal 10 years, not to exceed 15 years.
- I must renew this request every year or my monthly payments will return to the Standard Repayment Plan.
- I am limited to a total of 5 years on this plan.
- This plan will be canceled if my loans are approved for a forbearance or deferment while I am on the ISR Plan, however,
I may reapply for the plan after the forbearance or deferment have expired.
4. Click here to review and/or complete online the INCOME SENSITIVE REPAYMENT PLAN FORM. Remember to print, sign the form, and attach the required documents before mailing to SLND.
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