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Income-driven repayment (including Income-Based Repayment, Pay As You Earn, and Revised Pay As You Earn) is a way to make your federal student loan payments more manageable. And if you're a teacher or work in government or at a nonprofit (501(c)(3)) organization, you might qualify for public service loan forgiveness (PSLF) after 10 years of eligible payments and employment.

Revised Pay As You Earn (REPAYE)

On October 27, 2015, the Department of Education announced a new income-driven repayment plan called Revised Pay As You Earn (REPAYE), which is expected to become available in December 2015. Under this new plan, all borrowers with federal Direct student loans will be able to cap their monthly payments at 10% of discretionary income, regardless of when they borrowed or their debt-to-income ratio.

REPAYE is similar to Pay As You Earn, but there are some important differences in the calculation of monthly payments, maximum length of repayment for borrowers with graduate school loans, treatment of married borrowers, and other elements of the plan.

See below for a summary of REPAYE and the other income-driven repayment plans. IBRinfo will be updated soon to reflect this new plan and other recent developments.

Income-Based Repayment and Pay As You Earn are two ways to help keep monthly payments affordable based on your income and family size. Visit the Department of Education’s Repayment Estimator to find out what your payments might be.

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