How do I know if I can use PAYE?
Pay as You Earn (PAYE) is Borrower AND Loan-type specific (nslds.ed.gov)*
- You must first meet the PAYE "new borrower" requirements in order to qualify:
Did you receive any Direct or FFEL program loans prior to October 1, 2007?
- Yes - Did you pay those off before you received a new loan after October 1, 2007?
- Yes -- You might qualify for PAYE...But your loans may not!
- No -- You do NOT qualify for PAYE
- No - Did you receive a Direct loan after October 1, 2007, and at least one after October 1, 2011?
- Yes -- You qualify for PAYE!
- No -- You do NOT qualify for PAYE...But you might if you apply for a Direct Consolidation loan
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- Certain non-Direct Loan types can be repaid using PAYE if you consolidate them into a Federal Direct Consolidation Loan
- Examples of loans that commonly meet these criteria for veterinarians include:
- Federal Family Education Loans (FFEL),
- Health Professions Student Loans (HPSL),
- Perkins, or
- Loans for Disadvantaged Students (LDS):
- You can consolidate a federal loan that has already been consolidated
- You have to include at least one Direct loan to consolidate HPSL, Perkins or LDS loan types.
- You can begin the Federal Direct Consolidation process at studentloans.gov
* Upload your NSLDS file into the VIN Foundation My Student Loans tool to determine your PAYE eligibility.