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Starting in mid-December 2015, the Department of Education will offer a Revised Pay As You Earn (REPAYE) Plan, improving the current Pay As You Earn Plan and becoming available to all student borrowers with Direct Loans. Some benefits of REPAYE include a potentially lower monthly payment, interest subsidies, and loan forgiveness of your remaining balance after 20 or 25 years.

While on REPAYE, your monthly payments will be based on your eligible federal student loan debt, income, and family size. Once approved for REPAYE, you will be required to recertify your income and family size annually.

  • No disbursement date requirements - Any Direct Loan borrower with an eligible loan can qualify for REPAYE. Eligible loans include Direct Subsidized and Unsubsidized loans, Grad PLUS loans and Consolidation loans that do not include any Parent PLUS loans.

  • Lower payment than most income-driven repayment (IDR) plans - The monthly payment will be capped at 10% of a borrower's and spouse's (when applicable) discretionary income.

  • Forgiveness - Under REPAYE, your remaining balance will be forgiven after 20 or 25 years (you may qualify for forgiveness after 20 years if the loans being repaid under the REPAYE plan include only loans you received to pay for undergraduate study, whereas you may qualify for forgiveness after 25 years if the loans being repaid under the REPAYE plan include a loan you received to pay for graduate or professional study).

  • Interest Subsidy - Depending on your payment amount, you may be eligible to receive an interest subsidy on your subsidized and unsubsidized loan(s).

Learn more at https://studentaid.gov.

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