The Department of Education announced in December that it was reopening two retired income-driven repayment plans, the Pay As You Earn (PAYE) plan and Income-Contingent Repayment (ICR) plan.

PAYE enrollment applications are currently available. With a PAYE plan, you will likely pay 10 percent of your discretionary income, divided by 12. After 20 years of income-driven repayment, your ...