Talk to a debt counselor toll free:800-300-9550
Our Clients Rate Us Excellent
Based on 3234 reviewsTrustPilot Reviews
If you're not fortunate enough to work for a company that offers student loan repayment assistance there is still some good news about help with your college debt.
The Department of Education recently announced the eagerly anticipated expansion of the federal income-based repayment program called Pay As you Earn (PAYE) that can make repayment easier for about 5 million people with college debt . It goes into effect this month. This is on top of the 4 million Federal direct loan borrowers enrolled in the current version of this program.
The new version of this program is titled REPAYE with the RE standing for revised. The way it makes more people eligible is by allowing borrowers to sign up regardless of when they got their loans and regardless of their debt-to-income ratios. The PAYE program was opened only to people that had obtained their loans after 2007 and whose debt greatly outweighed their incomes. In comparison, the people who enroll in REPAYE will have their payments capped at 10% of their income regardless of their incomes.