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Pay As You Earn (PAYE) Repayment Plan | Income-Based Repayment (IBR) Plan | |
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Best for... | Student borrowers with a high debt-to-income ratio who are either single or married and file taxes separately | Student borrowers looking for income-driven repayments on FFEL Loans that haven’t been consolidated |
Eligible loans |
*Only qualify if consolidated with a Direct Consolidation Loan. |
*Only qualify if consolidated with a Direct Consolidation Loan. |
How much you pay |
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Repayment Term |
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Eligibility requirements |
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Eligible for forgiveness at the end of the term | ||
Eligible for Public Service Loan Forgiveness | ||
Required to reapply each year |
Yes |
Yes |
Pros |
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Cons |
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Not sure if either of these plans are right for you? Learn about your other options with our guide to student loan repayment plans.
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