Updating Direct Loans about income changes for IBR

[freaker]

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I just started moonlighting this year, so my income will be increasing, as will my payments based on the IBR. Does DirectLoans have access to my taxes and simply update the amount I am required to pay, or am I required to mail them my updated income information? Or do they request if of me?

It seems clear as mud to me where I'm supposed to mail this information or if I'm supposed to. I thought I signed over a form allowing them to access my information via the IRS, but I didn't see that on the application after I looked at it the one on their website today.

How does this work?

 

[HondoCrouch]

They pull your AGI from your tax return every year, if they cant get it they will send you a letter asking for it.

 

[dsherida]

When do they do this...They haven't even pulled my income info from my 2010 taxes??? Thanks!

 

[Dirt]

In a similar vein.

For those who have recently begun residency, did they use your income as an M4 for the first year of IBR or did they make you estimate your salary as a PGY1?

 

[Twitch]

Every october you re-qualify for IBR.

 

[dsherida]

Thanks for the timing info.

Don't send in your paystubs because they will extrapolate your salary to be a year when in fact you only made that much for 6mo. you have to send in "alternative income documentation" basically taking your salary in half. Then they will use that instead of your paystubs...