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from the allo forum:
"This budget won't be passed but the text of it will surely be appropriated into whatever budget does get passed because neither Dems or Repubs care about PAYE/PSLF. So here's what it means for you:
"This budget won't be passed but the text of it will surely be appropriated into whatever budget does get passed because neither Dems or Repubs care about PAYE/PSLF. So here's what it means for you:
- PAYE is now 25 year repayment period instead of 20 year
- PAYE payments for married borrowers filing separately would be calculated on their combined household adjusted gross income (so if you have a huge loan and a husband/wife who makes decent coin, don't get married!)
- Eliminates maximum PAYE monthly installment of standard 10-year repayment amount (now it would be 10% of your discretionary income regardless of income, screwing over high earners who were previously capped at whatever 10-year monthly repayment rate there was when they signed their repayment plan coming out of medical school)
- PSLF is now just a $57,500 coupon off your total loan indebtedness instead of loan forgiveness (also applies to current residents and attendings who graduated less than 10 years ago -- there's no grandfathering into PSLF -- so say goodbye to getting that 300k loan amount forgiven in 10 years)
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