This is exactly what it sounds like; a revised version of the Pay As You Earn (Paye) program. The date restrictions that prevent millions of borrowers from qualifying for the Paye program have been removed. Now all borrowers (with the exception of Parent Plus Loans) qualify. The calculation used to determine a monthly payment is 10% of a borrower’s discretionary income. Any remaining debt will be forgiven after 20 years for those who borrowed only for undergraduate study and 25 years for those who borrowed for any graduate study. One important note here is that unlike the Paye or IBR, if a borrower is married, even if they file taxes separately, the government will still count the income of the spouse. In other words, married borrowers who do not qualify for the Paye program and wish to file separate to leave their spouse’s income out must enter into the IBR.