Are you a freelancer or contract worker? Do you drive for Uber or Lyft? Maybe you have a side hustle? If so, your income may vary from week to week or month to month. Fortunately, this won’t affect your eligibility for an income-based student loan repayment plan. And, if you’re struggling, there are options to lighten the load. You’re Not Alone Today, more people than ever are working in the so-called gig economy. By one estimate, there are somewhere between 54 and 68 million … [Read more...]
What President Trump’s Budget Means for Public Service Loan Forgiveness (PSLF)
[raw] President Trump’s budget calls for the elimination of the Public Service Loan Forgiveness Program The proposal is not yet law, and such dramatic changes to the federal budget are expected to be met with significant opposition from Congress The White House has stated that changes to PSLF will apply only to new borrowers and not those who are currently working toward loan forgiveness under the program The Budget Proposal President Trump’s budget calls for dramatic cuts to … [Read more...]
Excel-based REPAYE Calculator and Student Loan Amortization Table
[raw] The Revised Pay as You Earn (REPAYE) plan is an income-driven repayment plan for federal student loans. For borrowers struggling with loan repayment, it’s arguably one of the best options for relief. DOWNLOAD THE EXCEL-BASED REPAYE CALCULATOR AND AMORTIZATION TABLE The Benefits of REPAYE If you’re unfamiliar with REPAYE, the following are a few of the most important ways the plan benefits borrowers: Monthly payments are capped at 10 percent of a borrower’s discretionary … [Read more...]
Three Things You Might Not Know About REPAYE
In 2015, the federal government launched the Revised Pay As You Earn plan (REPAYE), an income-driven repayment plan for federal student loans. For those struggling to make their monthly payments, REPAYE is arguably one of the best ways to ease the debt burden. Yet, not everyone is aware of the benefits the plan offers. This post will explain a few of the most important ones. Payments are capped at 10 percent of a borrower’s discretionary income Under REPAYE, monthly student loans payments … [Read more...]
The Complete Guide to REPAYE
If you’re struggling to make your student loan payments or unable to make them all together, REPAYE may help you to get a handle on your debt. This post explains exactly what REPAYE is, how it works, and what you need to do to take advantage of the program. As usual, we’ll start with the very basics. What is REPAYE? The Revised Pay As You Earn (REPAYE) plan is an income-driven repayment plan for federal student loans. With REPAYE, borrowers have access to many of the same benefits and … [Read more...]
Understanding Discretionary Income and How It Impacts Your Income-Based Repayment Plan
In general, discretionary income refers to the money that you have left over after you pay for all of your necessary expenses, including taxes. However, when it comes to many of student loan repayment programs offered by the student loan repayment programs offered by the federal government, there's a more precise definition for discretionary income. This post will help you to understand how to calculate discretionary income and how it impacts the amount you'll owe under income-driven … [Read more...]