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Home » Is the Repaye loan forgiven after 20 years?

Is the Repaye loan forgiven after 20 years?

For those with Repaye loans, there’s an important question that often arises: Is the Repaye loan forgiven after 20 years? This concern is valid, especially for borrowers who have diligently made payments towards their Income-Driven Repayment (IDR) plans. The answer lies in understanding the forgiveness terms tied to Repaye loans.

Repaye loans, like other IDR plans, offer forgiveness after a set number of years of qualifying payments. In the case of Repaye, borrowers who have made 20 or 25 years of eligible payments, equating to 240 or 300 months respectively, will see their loans forgiven. This forgiveness occurs as borrowers reach these significant milestones in their repayment journey.

It’s essential to note that the U.S. Department of Education (ED) is responsible for discharging loans as borrowers meet the required number of months for forgiveness. Therefore, borrowers under Repaye can look forward to potential loan forgiveness after 20 or 25 years, depending on the number of eligible payments made.

(Response: Yes, Repaye loans are forgiven after either 20 or 25 years, which amounts to 240 or 300 months of qualifying payments.)