Part of our commitment to keeping you informed is calling your attention to changes in the industry. In case you missed it, ED revised the Income-Driven Repayment (IDR) Request. Because we know many of you assist your borrowers by providing them with copies of the forms related to their loans, we wanted to make sure you were aware of the change.
In DCL GEN-16-18, ED provided the newest version of the IDR Request. As part of the direction in that DCL, ED instructed the federal servicers to reject prior versions of the Request form after January 31, 2017. We are still receiving prior versions, and must reject them. Please be certain that your borrowers have the correct version. We know that any delay in IDR processing hurts the borrower. Providing the correct form can cut down on delays for your borrowers.
The correct version has the same expiration date as the prior version, 10/31/2018, which may add to the confusion. However, page 1 of the correct version contains Sections 1, 2, and 3. That is different than the prior version, on which Section 3 began on page 2. So, it is readily apparent if the borrower has the correct version. Section 3 must be on page 1 of the printed copy.
We hope that this is helpful and appreciate all you do to assist your borrowers.