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This plan will last either 10 years or what’s left of your existing REPAYE repayment term, whichever has you pay your loans in full earliest.
Any interest you owe will also be capitalized, or added to your principal balance, at that point.
Each month, your subsidized loans would accrue in interest and your unsubsidized loans would accrue 6.
For example, let’s say you owe ,000 in subsidized loans and ,000 in unsubsidized loans, with both having 5% interest rates.
But based on its features, specifically choosing REPAYE may be right for you in the following instances: Revised Pay As You Earn is open to all federal direct loan borrowers, except those with parent PLUS loans.
If you have parent loans, you can only use income-contingent repayment.
And while our site doesn’t feature every company or financial product available on the market, we’re proud that the guidance we offer, the information we provide and the tools we create are objective, independent, straightforward — and free. Our partners cannot pay us to guarantee favorable reviews of their products or services. " At Nerd Wallet, we strive to help you make financial decisions with confidence. Revised Pay As You Earn, or REPAYE, is an income-driven repayment plan that caps federal student loan payments at 10% of your discretionary income and forgives your remaining balance after 20 or 25 years of repayment.
We believe everyone should be able to make financial decisions with confidence. This may influence which products we review and write about (and where those products appear on the site), but it in no way affects our recommendations or advice, which are grounded in thousands of hours of research.
Just keep in mind that REPAYE payments, if your income rises, can be higher than what you would pay under the standard repayment plan, unlike some other income-driven plans.