REPAYE allows more Direct Loan borrowers - some 5 million more people - to cap their monthly payments at 10 percent of their discretionary income, regardless of how long ago they borrowed the money. It first became available on December 17, 2015, and you must apply for it annually.
REPAYE is an income-driven student loan repayment plan in which a debtor’s payment amount depends on the income she earns. This repayment plan is an updated version of the former Pay As You Earn plan and it sweetens the repayment pot in more ways than one.
REPAYE stands for Revised Pay As You Earn. Prodded by President Obama, the Department of Education created the REPAYE plan in 2015 to ease the burden of student debt.
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