PHILADELPHIA
There’s yet another way to pay back student loans without going broke. It’s called REPAYE. In December, the Department of Education launched its eighth college-loan repayment program, dubbed the Revised Pay As You Earn Plan.
An older program, Pay As You Earn, caps payments at 10 percent of a borrower’s monthly income and forgives any remaining balance on student loans after 20 years of qualifying repayment. But PAYE was only for borrowers as of October 2007. REPAYE expands the option to anyone with federal student-loan debt. (Private student-loan debt is a whole other nightmare.) REPAYE also limits monthly loan payments to 10 percent of discretionary income the difference between your …
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