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Pay as you Earn Expansion

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Total Posts: 10

Joined 2013-04-09

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It’s been a while since we’ve heard anything. I just wanted to know if there were any updates on the expansion of PAYE for pre-2007 borrowers?

Thanks,

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Joined 2013-01-31

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Hello,

I am interested in this as well.  I remember reading that the President was going to take executive action and expand the program, but can’t find anything else out.  Can you please enlighten us Ms. Jarvis?  Thanks

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Total Posts: 10

Joined 2013-04-09

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I agree. I know that much of the legislation is a long, drawn out process, but I think I speak for many borrowers when I say it would be nice to have a few more status updates more regularly than once every 6 months.

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Joined 2015-03-22

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Changes are supposed to come Dec 2015. Which probably mean it’ll happen July 2016 ;) Initially they said it would expand PAYE, a 10%/20 year plan, to engulf those in the 15%/25 year plan (IBR). It gets more complicated because they just rolled out a “NEW IBR” with the same terms as PAYE…why, I do not know.

I am in the 15%/25yr plan so I am keeping my fingers crossed and sending blessings, good energy, prayers, rain dances, and whatever else is necessary in the general direction of those in Washington who are currently working on it. And fighting over it. In typical government fashion, the new rules will be pushed out at the very last minute. Stay tuned!

Btw- Joshua R.I Cohen is a brilliant student loan attorney with a great blog on the latest student loan news. Follow him on social media for the latest.