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PAYE ... New Borrower ?

Total Posts: 1

Joined 2014-10-21

PM

 

(All loans are Direct Federal loans.)

8/2006 loan disbursement.
1/2007 loan disbursement.

On 6/30/2009 the above loan paid in full (undergrad).

New loan disbursement for graduate school began 6/2010 through 10/2013.

Reading below:

Eligible new borrower means an
individual who—
(A) Has no outstanding balance on a
Direct Loan Program Loan or a FFEL
Program loan as of October 1, 2007, or
who has no outstanding balance on such
a loan on the date he or she receives a
new loan after October 1, 2007; and
(B)(1) Receives a disbursement of a
Direct Subsidized Loan, Direct
Unsubsidized Loan, or student Direct
PLUS Loan on or after October 1, 2011;

It is my understanding this would qualify for PAYE as a new borrower since:

… or who has no outstanding balance on such
a loan on the date he or she receives a
new loan after October 1, 2007; and …

Receives a disbursement … on or after October 1, 2011;

Am I understanding this correctly ?