Payment Amount: The amount of your monthly payment under the REPAYE plan is generally 10% of your discretionary income with no cap on the amount that you can pay.
Loan Forgiveness: If all of the loans that you are repaying under the REPAYE plan were received for undergraduate study, then after 20 years of qualifying payments your remaining loan balance will be forgiven. If any of the loans that you are repaying under this plan were used to pay for graduate studies, then you must make 25 years of qualifying payments before receiving loan forgiveness.
Interest Benefit: Under this plan, the government will pay the remainder of the interest owed on subsidized loans for the first three years. For unsubsidized loans, and for subsidized loans after the 3 years of full payment, the government will pay half of the interest owed. Any interest not paid by you or the government can be capitalized if you are removed from the plan for failing to recertify your income by the deadline, or if you voluntarily leave the plan.
