Student Loans Payment Plans
Revised Pay A You Earn is a federal repayment program and qualification demands that you have Federal Direct student loans, Graduate or Stafford Plus loans. Direct Loans consolidate that involve a Parent Plus loan would not qualify. Private loans and Parent Plus loans also do not qualify for this program. There are no loan origination date limitations for qualification as was earlier the case with the PAYE plan. There are also no minimum income conditions.
The payments would be capped at 10% of your discretionary income under the Revised Pay As You Earn student loans payment plans. The payment should be very reasonable for most people and have a notable impact especially for those with a lower income. For now, this is the lowest percentage of discretionary income required as payment for any of the income-driven repayment programs.
One of the disadvantages of the PAYE program was that anyone who took out student loans before October 2007 was unavailable to participate. Revised Pay As You Earn eliminates that limit completely. There is no time requirement to attend with Revised Pay As You Earn. You are now suitable for the Revised Pay As You Earn program Whether you took out student loans 20 years ago or yesterday.
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Last Update : Feb 25, 2019
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