Who is Eligible for the Pay As You Earn Student Loan Repayment Plan?
In this clip from our Best Student Loan Repayment Strategies webinar with student loan expert Heather Jarvis, we learn about the Pay as You Earn loan repayment plan and what it takes to be considered an eligible student for this payment option.
Due to the nature of a live webinar, sometimes it's helpful to clarify some parts of the live conversation to make sure there's no confusion. Here's a few points discussed in the webinar that we wanted to clarify:
- You're entitled to one free credit report, every year, from any of the 'big three' reporting agencies.
- Both the Standard and Graduated Federal Loan repayment plans have a repayment term between 5 - 10 years.
You can now apply for income-driven repayment plans easily and online! If you're considering the income-driven repayment plans of IBR, ICR or Pay As You Earn for your Direct Loans, you can now login to the Department of Education's Direct Loan portal (https://studentloans.gov/) to apply. They've made it a lot easier to apply for these plans than it has been in the past, like allowing you to import the bulk of your information directly from the IRS. Check it out!