Expanding Pay As You Earn by Negotiated Rulemaking
The Department of Education has announced its intention to convene a negotiated rulemaking committee to develop regulations that expand the President's Pay as You Earn repayment plan by allowing more borrowers to cap their federal student loan payments at 10 percent of their income with the goal of making the expanded PAYE repayment option available to borrowers by December 31, 2015. Negotiated rulemaking is required by law for programs authorized under Title IV of the Higher Education Act of 1965 (unless the Secretary of the Department of Education…
How Income is Established for Calculating Student Loan Payments
Submit the Income-Driven Repayment Plan Request online at studentloans.gov. If you have filed a federal income tax return in the past two years and the income on your most recent federal income tax return is not “significantly different” from your current income, you may use the IRS Data Retrieval Tool in the application to import the most recent year’s Adjusted Gross Income (AGI) into your application. Your monthly payments will be calculated based on that AGI. Married student loan borrowers can choose to either: file…
