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Revised Pay As You Earn (REPAYE) Repayment Plan | Pay As You Earn (PAYE) Repayment Plan | |
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Best for... | Student borrowers who are single and paying off undergraduate debt in a low-paying field | Student borrowers with a high debt-to-income ratio who are either single or married and file taxes separately |
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 either is right for you? Explore your other options with our guide to student loan repayment plans.
You won’t pay interest for at least 60 days on federal loans. But what about private student loans?
Pay off anywhere from $20K to your full balance, depending on the program.
What to do when you’re skirting the deadline.
Compare our top 6 picks for getting a better deal after you graduate B-school.
The sky’s the limit — just make sure you’re getting a good deal.
It all depends on the lender and type of financing you’re interested in.
Explore free aid, student loans, employer-based programs and more.
PAYE might be the way to go unless you have older loans or a higher income.
It all depends on your degree type, when you took out the loan and if you’re a student or parent borrower.
It comes down to when you borrowed and if you’re a parent or student.