Background: My direct loans were taken out prior to 2020, and I enrolled in REPAYE when I entered repayment, that then turned into SAVE. I've been on the SAVE forbearance since.
I pulled the following from the federal register (https://www.federalregister.gov/documents/2026/05/01/2026-08556/reimagining-and-improving-student-education-federal-student-loan-program-final-regulations):
"Through June 30, 2028, a borrower may repay under the PAYE plan only if the borrower—
(i) Has loans eligible for repayment under the plan;
(ii) Is a new borrower;
(iii) Elects to have their aggregate monthly payment amount recalculated to not exceed the applicable amount when the borrower initially enters the plan;
(iv) Was repaying a loan under the PAYE plan on July 1, 2024. A borrower who was repaying under the PAYE plan on or after July 1, 2024, and changes to a different repayment plan in accordance with § 685.210(b) may not re-enroll in the PAYE plan; and
(v) Has not received a Direct Loan on or after July 1, 2026."
I hope I can receive some clarification on the following:
This rule is effective 7/1/2026, so I should be able to enroll for PAYE as long as I do it before this date, correct?
How can you be a new borrower and have been able to be repaying a loan under the PAYE plan on 7/1/2024? Like does that mean you were in repayment for some other loans on PAYE and then took out another between 7/1/2024 and 7/1/2026?