I would wait…

If PAYE does come back mid-December and you’re eligible (based on when you took out your loans) it would provide you a lower payment.

The issue is even if you wanted to switch, servicers haven’t processed applications since mid-June…

Mila Family Health, down in Fort Worth, Texas.

What do you mean by “you work with patients”?

Pay As You Earn (PAYE):

***Max payment is capped at your Standard 10-Year Repayment

Saving on a Valuable Education (SAVE):

***Max payment is NOT capped at your Standard 10-Year Repayment

Income-Based Repayment (IBR):

***Note: There are two different IBR plans depending on when you took out your 1st loan.

Plus, if you took out your first loan August 1, 2011 and consolidated your loans August 1, 2018, you will use Old IBR.

***Max payment is capped at your Standard 10-Year Repayment

SAVE vs ICR

SAVE vs Old IBR:

PAYE/New IBR vs Old IBR:

PAYE/New IBR vs SAVE:

☁️Final Thoughts

PAYE and ICR will reopen mid-December, but servicers are not processing applications.

You might choose between New IBR and PAYE, go with New IBR!

It's backed by law, offering stronger protections, while PAYE, like SAVE, could face future challenges.

Stay tuned for updates!

☁️Scenario 5:

Loan Taken: September 1, 2013

Eligible Plans: PAYE, Old IBR, ICR

Reasons:
• PAYE: Borrowing started after October 1, 2007, with a loan disbursed after October 1, 2011
• Old IBR: Loan taken before July 1, 2014
• ICR: Available to all borrowers

☁️Scenario 4:

Loan Taken: March 10, 2008

Eligible Plans: Old IBR, PAYE*, ICR

Reasons:
• Old IBR: Loan taken before July 1, 2014
• *PAYE: Eligible if at least one loan was disbursed after October 1, 2011, and borrowing started after October 1, 2007
• ICR: Available to all borrowers

☁️Scenario 3:

Loan Taken: January 20, 2015

Eligible Plans: New IBR, PAYE, ICR

Reasons:
• New IBR: Loan taken on or after July 1, 2014
• PAYE: Started borrowing after October 1, 2007, with a loan disbursed after October 1, 2011
• ICR: Available to all Direct Loan borrowers

☁️Scenario 2:

Loan Taken: November 5, 2012

Eligible Plans: Old IBR, PAYE, ICR

Reasons:
• Old IBR: Loan taken before July 1, 2014
• PAYE: Started borrowing after October 1, 2007, with a loan disbursed after October 1, 2011
• ICR: Available to all Direct Loan borrowers

☁️Scenario 1:

Loan Taken: August 15, 2006

Eligible Plans: Old IBR, ICR

Reasons:
• Old IBR: Loan taken before July 1, 2014
• ICR: Available to all Direct Loan borrowers

☁️Summary of Key Dates

• Before July 1, 2014: Eligible for Old IBR

• On or after July 1, 2014: Eligible for New IBR

• On or after October 1, 2007: Eligible for PAYE (with a loan disbursed on or after October 1, 2011)

• Ongoing: Eligible for ICR

☁️Income-Contingent Repayment (ICR)

• Eligibility: Available to all Direct Loan borrowers
• Payment Calculation: The lesser of 20% of discretionary income or what you’d pay on a fixed 12-year repayment plan
• Requires Partial Financial Hardship: No (available to all borrowers)

☁️Pay As You Earn (PAYE)

Eligibility Test:

• Did you start borrowing after October 1, 2007?
• Do you have at least one loan disbursed after October 1, 2011?

• If YES to both, you can enroll in PAYE

Payment Calculation: 10% of discretionary income
Requires Partial Financial Hardship: Yes