4d3edb90_n_Repayment_Options___Edvisors__Considerations
[Repayment Plan] Pay As You Earn Repayment (PAYER) [Key Features] 20-year term or less Payments capped at 10% of discretionary income (not total income) Discretionary income is adjusted gross income minus 100% of poverty line Must have a partial financial hardship Only available to borrowers with a Direct Loan disbursement after 10/1/2011 Must be a new borrower as of 10/1/1997 [Considerations] 
Accrues more interest than standard 10-year repayment plan Remaining loan balance is forgiven after 20 years (but taxable under current law) Lower monthly payment than standard repayment plan
Federal Student Loan Repayment Options | Edvisors
Considerations