Has Anyone Had Their Loans Forgiven Under IBR Yet?


Dear Steve,

I read your article on repayment plans, and it was fascinating.

My Fed loans were taken out before 2014. Can you please let me know how many people have completed the Income-Based Repayment Plan using only the IBR I am eligible for?

I believe it started in 2009, and if I am correct, no person has completed it, and no person would even be eligible until 2034, if I am correct?



Dear Rodger,

I believe you are referring to this previous post.

Your question brought back flashbacks of all the hours I spent trying to dig up all those facts.

According to that piece, “The Income-Based Repayment (IBR) plan was introduced in 2007 with forgiveness in 25 years. That means the first person to be eligible for forgiveness would not be until 2032.”

Do You Have a Question You'd Like Help With? Contact Debt Coach Damon Day. Click here to reach Damon.

You should absolutely confirm your status with your loan servicer to make sure you’ve made all your annual recertification requests and your payments being counted towards eventual forgiveness.

If the way the Department of Education has handled forgiveness requests from people in the Public Service Loan Forgiveness program is any indicator, I’d be concerned.

People have been told payments they made did not count towards forgiveness when they were only pennies off. Even when the designated contractor to handle PSLF servicing made determinations payments applied the Department of Education said that didn’t matter.

I would suggest you contact your loan servicer ASAP and see if they can give you data to confirm your payment and program status.

I’m very concerned that after 25-years of diligently making payments, a heck of a lot of people will be very upset when they apply for final forgiveness.

It’s a sure bet when the first wave of people apple it will be an utter mess if the past predicts the future.

Damon Day - Pro Debt Coach

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Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.
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