Up until now, those terms were only available for people with especially low income relative to their debt and who took out their loans after 2007.
Generally, these initiatives are what student loan assistance companies refer to as “Obama student loan forgiveness.” The problem?
If you have one of those old bank-based loans from the Federal Family Education Loan Program (FFEL) or a Perkins loans, you can consolidate that debt into a Direct loan to take advantage of REPAYE.
Parent PLUS loans are not eligible for this program.
After providing an endless supply of loan opportunities to help students solve the problem of paying for a college education, the federal government was faced with the obvious follow up: What can you do to help students pay back those loans?
The answer has been a series of income-driven repayment plans, including the Pay As You Earn (PAYE) program and its most recent offspring, the Revised Pay As You Earn program or REPAYE.