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18-Nov-2019 08:33

PAYE has more restrictive eligibility requirements than income-based repayment and REPAYE.But if you’re a candidate for the PAYE plan, it will give you the most generous monthly bill discount and additional perks.The grads most likely to take advantage of PAYE are those who started borrowing college loans in 2008 and graduated in 2012, and those who took out loans for grad school later on.Revised Pay As You Earn, known as REPAYE, expanded PAYE to more borrowers in December 2015.That could mean a big tax bill several years from now.“The benefit of this is that you have plenty of time to prepare for it,” says Ara Oghoorian, a financial planner at ACap Asset Management in Encino, California, whose clients work mostly in health care.But it introduced other restrictions that make it less desirable if you’re able to sign up for PAYE instead.Beyond the eligibility restrictions on the year you borrowed loans, PAYE has two additional requirements: Say you’re a single college grad living in California.

(variable) Repayments: 12 payments of £5/month, 47 payments of £232.55/month, 1 payment of £233.43 Representative 17.54% APR (variable).PAYE doesn’t have that requirement, so your payments will be based on your own income if you file as a single person or separately from your spouse.Twenty years is a long time to repay your loans, even when you know they’ll be forgiven at the end.PAYE is one of four income-driven repayment plan options: Take a look at the details so you can be sure PAYE is the best plan for you.

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To prevent struggling grads from going into default, the government created income-driven repayment plans, including PAYE, which let you contribute a percentage of your income toward your student loans.Consider saving some money to prepare for your tax bill if you expect to have a big balance forgiven.