Aug 26, 2015
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Reading through all of the information on this forum will seriously melt your brain.

I am not sure why Uncle Sam doesn't just institute PAYE as the only repayment option and give people the option to pay extra if they want to. Isn't everyone paying as they earn?

I have been following student loans since Direct lending was invented in the early 90's, but Obama has been confusing the bejeezus out of me.

Here is my question: I borrowed until 2010 (up to a quarter mil) and have been paying under IBR during residency/fellowship since the summer of 2010. I still have a resident/fellow income. My intent is PSLF for which I am halfway through the 10 year commitment.

I had not thought that I was eligible for PAYE, but now people are saying that I am eligible.

So here is my question: Should I have switched to PAYE from IBR at some point? Or is my supposed eligibility not in effect yet because REPAYE is not yet law?

Please, I don't need any commentary about how PSLF will go away or whatever. That is not my concern right now and won't change my enrollment in income-driven plans. I will be on an income-driven plan right now regardless of what happens to PSLF.
 

SigmaFS

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Are you eligible for PAYE? Unlikely, and the reasons why:
  • to qualify for the Pay As You Earn Plan you must also be a new borrower as of Oct. 1, 2007, and must have received a disbursement of a Direct Loan on or after Oct. 1, 2011. You are a new borrower if you had no outstanding balance on a Direct Loan or FFEL Program loan when you received a Direct Loan or FFEL Program loan on or after Oct. 1, 2007.
REPAYE is intended for IBR borrowers who don't qualify for PAYE. REPAYE should be available Dec 2015. Here's a thread on REPAYE:

http://forums.studentdoctor.net/threads/repaye-a-new-income-drive-repayment-program.1155967/

In its infinite wisdom, the feds like it complicated.
 
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Aug 26, 2015
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OK, so it looks like what people are talking about is REPAYE which is not a real thing yet. Thanks.

I think the best plan would probably just be to keep doing IBR as long as I am PSLF-eligible. Otherwise somebody will slap me with a cap because I changed my plan.