Revised Pay As You Earn
Repayment Program (REPAYE)

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Information on the Revised Pay as you Earn Program

The Revised Pay as You Earn Program (REPAYE) was first introduced back in December 2015. As an extension of the Pay as You Earn, the REPAYE was designed to remove some of the restrictions that the original PAYE and IBR program set in place allowing millions more American’s to become eligible.  Essentially, this is the best of all the income driven repayment programs rolled into one. Since this is one of the income driven programs, many more factors would be taken into consideration when it comes to determining the payment amount that you would be required to pay each year. Such factors include income, household size, and even what type of loan that you have.

Calculating the REPAYE program works is as follows, your payment will be 10% of your discretionary income, the difference between your adjusted gross income and 150% of the poverty line in your state that you reside in, divided by 12.

Continuing to use John D as our example, John is a 30 year old male that makes an average of $35,000 a year living with girlfriend and their daughter. Under the REPAYE repayment option, John’s monthly payments would be $40 a month for the first 12 months of his repayment term. He has the potential of having approximately $31,829 of his loans forgiven by the federal government. Now that’s what I call a forgiveness program.

ELIGIBILITY

As mentioned before, the REPAYE removed the inhibitors that restricted millions of people to qualify. Such inhibitors that have been lifted are:

    • Date restrictions
    • Monthly payments are always capped at 10% of your discretionary income
    • Undergraduate Loans are forgiven after 20 years
    • Graduate loans are forgiven after 25 years
    • Removal of barrier to entry

With other repayment options, in particular the PAYE, if you have any loans that were issued before October of 2007, your loans wouldn’t be able to enroll into the program.

The same goes for the PAYE program as well. By allowing your month payments to be strictly capped at 10% of your discretionary income, you would be saving approximately 33% of what you would be paying under the IBR program. And a 50% difference when comparing it to the ICR program.

A new provision of the REPAYE is that it treats undergraduate and graduate loan differently. All undergraduate loans are forgiven after 20 years while graduate loans are forgiven after 25.

All of the income driven repayment programs have a barrier to entry except for one, the REPAYE. Battier to entry just means that you have to be able to show that you are in a financial hardship that is prevent you from paying your student loan payment would have been on a Standard 10 term.

Loans that qualify for the REPAYE are:

• Direct Subsidized Loans

• Direct Unsubsidized Loans

• Direct Consolidation Loans

• Subsidized Federal Stafford Loans

• Unsubsidized Federal Stafford Loans

• FFEL Consolidation Loans

Unfortunately Direct PLUS and FFEL PLUS are not eligible for the PAYE. Under the William D Ford Act, only the Income Contingent Repayment program is allowed to take care of these loans.

With the introduction of the REPAYE millions more Americans have been able to enroll into an income driven program which allows them to now have affordable payments that are based on their income (spouse’s income will be included if married). If you previously weren’t eligible for the Pay as You Earn because of any of the restrictions, there is a high possibility that you may qualify now under the REPAY.  Also for many Americans that have taken out loans before October of 2007, you as well may be eligible for this too.

If you were previously on the IBR program, this may be a great option to look at because under the IBR program you payments are capped at 15% of your discretionary income as opposed to 10% with the Revised Pay as You Earn.

PUBLIC SERVICE LOAN FORGIVENESS

With the REPAYE your monthly payments do count towards your 120 for Public Service Loan Forgiveness, a program that forgives your student loans if you are a full-time employee working for certain non for profit jobs or public sector jobs. For more information on PSLF click here

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