Drowning in federal student loan debt?

Don’t panic — you’re not doomed to spend the rest of your life slurping Ramen and sleeping in your parents’ basement while barely chipping away at your monthly payments…

Thankfully, the U.S. Department of Education (DOE) has finally released the details of its latest income-driven repayment plan, the Revised Pay-As-You-Earn (REPAYE) plan. This plan has the potential provide unprecedented relief to millions of those struggling with federal student loans who are ineligible for the Pay-As-You Earn (PAYE) plan.

Here’s what you need to know:

Increased Eligibility
PAYE is currently limited to what the DOE refers to as “new borrowers,” therefore icing out numerous student loan borrowers who have been in repayment for an extended period of time or simply have older student loans. The REPAYE program places no such restrictions on borrowers, opening up the program to millions. However, REPAYE is not...