Revised Pay As You Earn
E576955
Revised Pay As You Earn (REPAYE) is a federal student loan repayment plan that bases monthly payments on a percentage of the borrower's discretionary income and offers loan forgiveness after a set number of qualifying years.
Statements (43)
| Predicate | Object |
|---|---|
| instanceOf |
federal student loan repayment plan
ⓘ
income-driven repayment plan ⓘ |
| abbreviation | REPAYE NERFINISHED ⓘ |
| administeredBy | U.S. Department of Education NERFINISHED ⓘ |
| allows | spousal income consideration depending on tax filing status ⓘ |
| appliesTo |
borrowers with partial financial hardship
ⓘ
federal Direct Loans ⓘ |
| availableTo | borrowers with eligible Direct Loans regardless of when they borrowed ⓘ |
| considers |
family size
ⓘ
state of residence ⓘ |
| country |
United States of America
ⓘ
surface form:
United States
|
| differsFrom | Pay As You Earn repayment plan ⓘ |
| documentationRequired |
household information
ⓘ
proof of income ⓘ |
| eligibleLoanType |
Direct Consolidation Loans
NERFINISHED
ⓘ
Direct PLUS Loans made to graduate or professional students ⓘ Direct Subsidized Loans ⓘ Direct Unsubsidized Loans NERFINISHED ⓘ |
| excludesEligibilityFor |
Direct Consolidation Loans that repaid Parent PLUS Loans
ⓘ
Parent PLUS Loans NERFINISHED ⓘ |
| feature | interest subsidy on unpaid interest for certain periods ⓘ |
| forgivenessAvailableAfter |
20 years of qualifying payments for undergraduate loans
ⓘ
25 years of qualifying payments for graduate or professional loans ⓘ |
| forgivenessTaxTreatment | forgiven balance may be treated as taxable income under prior law ⓘ |
| goal |
make student loan payments more affordable
ⓘ
provide eventual loan forgiveness ⓘ |
| introducedBy | Obama administration NERFINISHED ⓘ |
| legalAuthority | Higher Education Act of 1965 as amended NERFINISHED ⓘ |
| mayResultIn |
higher total interest paid compared with standard repayment
ⓘ
longer repayment term than standard repayment ⓘ |
| offers | loan forgiveness ⓘ |
| partOf | federal income-driven repayment options ⓘ |
| paymentAdjustment | payments recalculated annually based on updated income ⓘ |
| paymentBasis | borrower discretionary income ⓘ |
| paymentFrequency | monthly ⓘ |
| paymentPercentageCap | 10 percent of discretionary income ⓘ |
| replacedBy | Saving on a Valuable Education plan ⓘ |
| requires |
annual family size recertification
ⓘ
annual income recertification ⓘ application through federal loan servicer ⓘ |
| startDate | December 2015 ⓘ |
| subjectTo | federal regulations on student loan repayment ⓘ |
| usesDefinitionOf | discretionary income as income above 150 percent of the federal poverty guideline ⓘ |
Referenced by (1)
Full triples — surface form annotated when it differs from this entity's canonical label.