Despite plummeting law school applications and a glut of highly indebted, underemployed law school graduates, Washington appears to believe that its student loan reforms treat law grads too gently.
After promoting the Pay-As-You-Earn (PAYE) repayment plan to ease debt burdens, the Department of Education is pulling back. In July 2015, the department posted the latest addition to its list of income-sensitive repayment plans: Revised Pay-As-You-Earn (REPAYE). As the new plan’s name implies, the government is dissatisfied with PAYE, which was itself intended to improve upon the Income-Based Repayment (IBR) option. The department hopes to make REPAYE available by Dec. 31, 2015.
