To be eligible for the Revised Pay As You Earn (REPAYE) plan, you must meet the following requirements:
Have eligible loans: Only Direct Loans are eligible for REPAYE, including Direct Subsidized Loans, Direct Unsubsidized Loans, Direct PLUS Loans made to graduate or professional students, and Direct Consolidation Loans that don't include any Parent PLUS Loans.
Demonstrate partial financial hardship: To enroll in REPAYE, you must demonstrate partial financial hardship. This means that your monthly payment under REPAYE must be less than what you would pay under the Standard Repayment Plan. If your income is too high to qualify for partial financial hardship, you may still be able to enroll in REPAYE, but your monthly payments won't be capped.
Have loans in good standing: Your loans must be in good standing, meaning that they are not in default or delinquent.
Meet other eligibility requirements: You must also meet other eligibility requirements, such as not being incarcerated, not having any outstanding balances on Federal Family Education Loans (FFEL) or Perkins Loans, and not having any loans that were disbursed before October 1, 2007.
It's important to note that while REPAYE is available to all Direct Loan borrowers, it may not be the best option for everyone. Before enrolling in REPAYE, it's a good idea to explore all of your repayment options and consider your individual circumstances and goals.
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