Pages
Stay In Touch
More
jweber@vaughnweberlaw.com
rvaughn@vaughnweberlaw.com
tprakope@vaughnweberlaw.com
Law Firm of VAUGHN, WEBER & PRAKOPE, PLLC | New York Personal Injury Attorneys
What is a Pay As You Earn Student Loan program?
According to StudentAid.Gov, the pay as you earn repayment plan is designed to make student loan payments more affordable by reducing monthly payments based on your income and family size.
Eligibility
In order to qualify for the program you must have partial financial hardship. This means that the amount you would be required to pay on your federal student loans is higher than the monthly amount you would owe under the Pay As You Earn Repayment plan. Your federal student loan must be eligible for the program; this includes certain types of Federal Family Education Loan Programs (FEEL Program), including Subsidized and Unsubsidized Federal Stafford Loans, Federal PLUS Loans made to graduate or professional students, Federal Consolidation Loans that did not repay any PLUS loans for parents. Borrowers must have taken out their loans as of October 1, 2007 and must have received a disbursement of a Direct Loan on or after Oct. 1, 2011. To be a new borrower that qualifies, you can’t have an outstanding balance on a Direct Loan or FEEL Program loan as of Oct. 1, 2007 or had an outstanding balance on a Direct Loan or FEEL Program loan when you received a new loan on or after October 1, 2007.
Benefits of Pay As You Earn
You should contact your loan servicer to determine if your eligible for Pay As You Earn. You can also check this calculator to see if you will likely qualify and what your payments might be.
Call (516) 858-2620 for Student Loan assistance. The Law Firm of Vaughn, Weber & Prakope, PLLC is here to assist you!
Copyright © 2020 Law Firm of Vaughn, Weber and Prakope, PLLC
All Rights Reserved