Federal student loan servicers are in the process of releasing a new application form for all income-driven repayment plans, including ICR, IBR, PAYE, and the “Revised Pay As You Earn” (REPAYE) plan, which is the latest income-driven repayment option available to borrowers. Not all servicers have released the application yet; it is being phased in this month as REPAYE is being rolled out. Some servicers are ahead of others.
Note: REPAYE is not yet formally available – servicers are saying REPAYE will be available to borrowers by the third or fourth week of December.
The good news? The new form provides an option for borrowers to select REPAYE.
The bad news? Everything else, basically.Read More