Revised Pay As You Earn (REPAYE)
2015
proposed and implemented by the administration of
President Barack Obama in 2015
Expanded income-driven repayment plans based on borrower earnings.
Purpose: Aimed to assist borrowers not eligible for the original PAYE plan, allowing them to cap monthly payments at 10% of discretionary income.
Expansion: It expanded eligibility to approximately 5 million more borrowers, regardless of when they first borrowed.
Terms: Included 20-year forgiveness for undergr