Revised Pay As You Earn (REPAYE)-- Under this repayment plan there is no income eligibility requirement but that means your payment amount under REPAYE could go above your payment
under a standard plan if your income greatly increases.
The critical illnesses
covered under the Standard Plan are as follows — cancer of a specified severity, stroke resulting in permanent symptoms, first heart attack of specified severity, open chest CABG, kidney failure requiring regular dialysis, Multiple Sclerosis with persisting symptoms, major organ / bone marrow transplant, permanent paralysis of limbs, surgery of aorta, primary pulmonary arterial hypertension.
Especially for those students who have recently graduated, and may be starting careers with lower salaries than they hope to one day be making, monthly
payments under a standard plan can be entirely unfeasible.
In that time, you'll pay more in interest than
under the standard plan.
When you exit school,
under a standard plan and you said that you could probably qualify for a 60 or 70 dollar payment.
It offers more payment protection than ICR, because under IBR a borrower knows that their payment will not go higher than it would
under a standard plan.
Since the repayment period will be 25 years, your monthly payments will be less than
those under the Standard Plan.
Under plans like REPAYE, your monthly payment could be as low as 10 percent of your discretionary income which, for many borrowers, will turn out to be far less than what they'd pay
under the Standard Plan.
Under the standard plan the following amounts of liability coverages are required before you can get your vehicle; fifteen thousand dollars worth of bodily injury coverage for one person in an accident, thirty thousand dollars worth of bodily injury coverage for two or more people in an accident, and five thousand dollars worth of property damage coverage.