Annual Proof of Income Submission
DocuPrep Xpress members enjoy the freedom of not having to track payments year after year with automatic annual renewal of their monthly repayment plan.
Once a consolidation has been approved and payments begin, borrowers are expected to track said payments monthly to ensure that proof of income for the household is submitted annually to the loan servicer. This submission is required in order to set payment amounts for the following year as well to confirm that the borrower still qualifies for the income-based repayment plan from the previous year. We know life can be busy after college. Paying bills on time and maintaining a good credit score is just one aspect of staying organized with your finances.
DocuPrep Xpress takes care of your student loan payments so you don’t have to and guarantees that your loan is forgiven as soon as possible. By enrolling, members can be worry-free as to when their loan balance will be forgiven as tracking your payments and term is done for you!
There is no possibility of additional payments or added cost to achieve forgiveness as your proof of income will always be submitted correctly and in a timely manner. Many former students entered into income-based repayment plans since the Health and Reconciliation Act was passed in 2010. Unfortunately, many of those same borrowers are forced to re-enroll or make additional payments they never had to because for one reason or another they failed to submit their income to the loan servicer at the deadline. Those borrowers are then placed into a standard repayment plan and can pay hundreds of dollars per month while they wait to switch back to the income-based arrangement. Don’t fall into the same trap! DocuPrep Xpress members never have to submit their own income and never need to track their payments which means the lowest-possible repayment plans and the soonest-available total loan forgiveness.
Everyone needs a break sometimes.
Student loan payment terms can often go on for 20 or even 30 years. Regardless of one’s financial standing, no one really knows what will happen in the next five years let alone the next 30. Members of DocuPrep Xpress are safeguarded from brief periods of financial hardship or unknown circumstances as one can simply contact DocuPrep Xpress in order to request a temporary deferment or forbearance depending on the situation. While contacting a loan servicer to request a break from student loan payments can be like pulling teeth, DocuPrep Xpress is happy to help its members maintain their loans in good standing so that the ultimate goal, total loan forgiveness, can be achieved at the soonest possible time.
Loan servicers will often place borrowers into deferments or forbearance without looking into the individual’s situation or need. Sometimes, a forbearance is necessary while other situations call for a deferment. The reasons for each can be many including loan type, individual circumstances, etc. While loan servicers will comply with some of these requests in order to keep a borrower from falling into delinquency or default, they will do whatever is necessary without the borrower’s best interest in mind. DocuPrep Xpress members can feel comfortable knowing they have a team on their side working towards the best-possible arrangement for a break in payments whether that means a forbearance or deferment.
Member must have previously consolidated all federal student loans through one of the payment options offered by the Department of Education. Member must be current on all monthly payments to Student Support Live
Many students have the privilege to have income-driven repayment plans such as IBR and PAYE.
These plans are far from being a one time solution and unfortunately have to be “recertified” once a year. The recertification process will confirm the continued eligibility and adjustment of your monthly payment will be made based on any changes from your income or family size.
Every individual is required to recertify income-based repayment plans whether or not your income or family size changed. If you miss a recertification, your payments will no longer be based on your income.
Your plan will automatically change into a Standard Repayment amount or more if you’re on ICR or REPAYE. This is a very important step that Student Support Live specializes in.
Re-certification for your IBR
The recertification process is the submission of a new application for your income-driven repayment.
Anyone on an IDR plan(s) with multiple servicers, you would have to recertify with each servicer. Annual recertification is necessary and must be done before the deadline or anytime your income or family size changes. You might find yourself needing to recertify several times a year. Student Support Live has educated and continues to educate all employees to properly and accurately recertify income-based repayment plans to avoid any issues or interruptions.
So you forgot to Recertify. What happens now?
Your existing IDR plan is no longer being based on your current income and more than likely increased to the Standard Repayment amount.
You might have the chance to obtain a hardship forbearance while in the process of straightening out your re-certification. The possibility of interest accruing is there.
There is a chance that your payoff date would be delayed and can be costing you money. How? Well, if you’re hoping for loan forgiveness whether its under one of the other income-driven plans or not, the payments being made during the forbearance period may not count.
Members can be confident in their choice as Student Support Live never collects student loan payments and is instead looking out for our members’ best interests regardless of their financial situation.
How many of us forget to re-certify?
The department of education states that 57% of borrowers fail to recertify their income-based repayment plans. This is over HALF the people who have the income-based repayment plans.
What’s the best way to re-certify?
Re-certification is not a difficult process and can be done by many. Some of us find ongoing paperwork to be very exhausting or the time needed just isn’t there.
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Call us today and talk to live team member (888) 231-2443 | firstname.lastname@example.org
18575 Jamboree Rd
Irvine, CA 92612