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This is a great perk because together spouses can refinance their student loans based on their combined income and the higher credit score of the two. Please consult a tax advisor or the IRS with any questions. Before I explain the REPAYE interest subsidy and how to take advantage of it, you have to understand how income-driven repayment plans work. If you have a very high loan balance, for example, $500k of tax-free loan forgiveness is roughly equivalent to a bit less than a $1M bonus. Earnest will let you get a personalized rate without affecting your credit score. You always have the option to leave REPAYE and use another repayment plan. Your rate will be calculated each month by adding a margin between 1.82% and 5.50% to the one month LIBOR. To proceed with an application, a hard credit pull will be required, which may affect your credit score. You will need to submit the Public Service Loan Forgiveness Employment Certification Form. Review your loan documentation for total cost of your refinanced loan. Conversely, neither the Standard 10-year plan nor the Graduated or Extended Repayment Plans qualifies for the PSLF program. Refinancing via LendKey.com is only available for applicants with qualified private education loans from an eligible institution. There is also a video walkthrough at the bottom of the page, which illustrates the concept using our calculator (where you can use your own specific loans to calculate your subsidies). PSLF is a federal program that can help you receive forgiveness on your federal student loans under certain circumstances. Find out with our Public Service Loan Forgiveness Calculator below. CommonBond will allow borrowers refinance their federal, private and parents' PLUS loans at a low rate. There are no prepayment or application fees. The REPAYE plan calculates your monthly payment at 10% of your discretionary income. Refinancing to a shorter term may increase your monthly payments, but may lower the total interest paid over the life of the loan. To qualify, you must be a U.S. citizen or possess a 10-year (non-conditional) Permanent Resident Card, reside in a state Earnest lends in, and satisfy our minimum eligibility criteria. Don’t worry, it’s only for the important stuff. Interactive Quiz, What Would Refinacing Save You? The rates displayed may include a 0.25% autopay discount. How to Pay for College – The Ultimate Guide, 6 Best Private Student Loan Providers of 2018, Estimate Your Monthly Payments Calculator, Explore the Pros and Cons of Parent PLUS Loans, When Is Refinancing Right? Please enable javascript to view this site. Savings vary based on rate and term of your existing and refinanced loan(s). PSLF is a windfall benefit because it forgives the balance of your loan in a relatively short time (10 years of payments), and the forgiven amount is tax-free. Hard credit inquiries (or hard credit pulls) are required for SoFi to be able to issue you a loan. Despite the new attractive offerings of REPAYE, I don’t recommend residents automatically jump over to this new plan. Splash Financial offers borrowers competitive rates on student loan refinancing by working closely with community banks and credit unions. Earnest fixed rate loan rates range from 2.98% APR (with Auto Pay) to 5.49% APR (with Auto Pay). During any period of forbearance interest will continue to accrue. Earnest loans are originated by Earnest Operations LLC. Revised Pay As You Earn (REPAYE) 10% of discretionary income Income-Based Repayment (IBR) if you took out your first federal student loan on or after July 1, 2014 10% of discretionary income, up to the fixed 10-year payment amount Pay As You Earn (PAYE) 10% of discretionary income, up to the fixed 10-year payment amount Use our calculator to see how REPAYE may be able to lower your monthly student loan payments. Co-signer release is available after 12 consecutive on time payments. Earnest reserves the right to change, pause, or terminate product offerings at any time without notice. Does REPAYE Qualify for Public Service Loan Forgiveness. This student loan revised pay as you earn calculator (REPAYE) can show you how much you will pay each month for your student loans, and then how much student loan forgiveness you will receive. Earnest rate ranges are current as of October 26, 2020, and are subject to change based on market conditions and borrower eligibility. At the end of the forbearance period, any unpaid accrued interest will be capitalized and be added to the remaining principle amount of the loan. Earnest Operations LLC is located at 302 2nd Street, Suite 401N, San Francisco, CA 94107. It’s also important to make sure you meet the requirements for public service loan forgiveness. This benefit is suspended during periods of deferment and forbearance. REPAYE is classified as a loan forgiveness plan. Disclaimer: DollarGeek has an advertising relationship with some of the offers included on this page. Aside from this form, you need to make sure you’re making qualifying, on-time payments, for your student loans. LendKey will service all your student loans and help you find a lower rate with the help of community banks and credit unions. Many of the offers that appear on the website are companies from which DollarGeek receives compensation. © Copyright 2012-2020 Student Loan Hero™, Inc., All Rights Reserved. If you're looking for a co-signer you'll have to look elsewhere. To qualify, a borrower must be a U.S. citizen and meet our lending partner’s underwriting requirements. The rates and terms you see on DollarGeek may be different than what you see on the providers website at any given time. The rate will not increase more than once per month. Since the information used to calculate your payment may change from year-to-year, you must recertify annually for REPAYE. Offers are subject to credit approval. A Pay As You Earn Calculator (commonly referred to as a PAYE Calculator) is a tool that federal student loan borrowers use to organize their finances. The lowest advertised variable APR is only available for loan terms of  5 years and is reserved for applicants with FICO scores of at least 810. For loan terms of 10 years to 15 years, the interest rate will never exceed 9.95%. The Public Service Loan Forgiveness (PSLF) program allows student loan borrowers who work in certain career fields, such as nonprofit or government, to have their federal student loans forgiven after approximately 10 years of repayment. Upon submission, this form will notify the U.S. Department of Education that plan to benefit from Public Service Loan Forgiveness. In April 2019, Laurel Road was acquired by KeyBank, one of the nation’s largest bank-based financial services companies. In order to be eligible you have to meet some guidelines, and “qualifying employment”. Pay As You Earn (PAYE) is a type of income-driven repayment plan where the debtor’s minimum monthly payments … You are being redirected to LendingTree.com where you’ll be able to fill out an online form. PAYE is better for married borrowers when both spouses have an income and REPAYE is typically better for single borrowers when comparing PAYE vs. REPAYE. Calculator, 6 Best Parent Loan Refinancing Banks of 2018, How Public Service Loan Forgiveness Works, Tips on When Student Loan Forgiveness Makes Sense, 5 Best Alternative Options to Student Loan Forgiveness, Get a Custom Repayment Plan – Interactive Tool, How to Repay Student Loans Faster – The Guide, What Can Repaying Your Loans Faster Save? This public service loan forgiveness calculator helps you determine how much of your student loans can be forgiven under the federal public service loan forgiveness program. So if you’re eligible, how much forgiveness can you expect to receive from PSLF? Based on your creditworthiness, you may be matched with up to five different personal loan lenders in our partner network. The information you provide to us is an inquiry to determine whether we or our lenders can make a loan offer that meets your needs. You can refinance both your federal and private student loans with SoFi. The Loan Simulator tool from Federal Student Aid can help you calculate your estimated monthly payments under ... You’re seeking Public Service Loan Forgiveness (PSLF). In addition to requiring your explicit permission, these credit pulls may impact your credit score. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. The payments you made under the REPAYE plan may qualify for student loan forgiveness under the PSLF program. Refinancing Calculator, Public Service Loan Forgiveness Calculator, Mortgage Calculator With Taxes And Insurance, Income-Contingent Repayment (ICR) Calculator. All credit products are subject to credit approval. Please consult a licensed financial professional before making any financial decisions. • Direct Stafford loans• Direct Consolidation loans• Perkins and Parent PLUS loans are only eligible if you consolidate them into a Direct Consolidation loan and repay them under the standard or Income-Contingent repayment (ICR) plan. Variable rate loan rates range from 1.99% APR (with Auto Pay) to 5.34% APR (with Auto Pay). Revised Pay As You Earn, or REPAYE, is available to most federal student loan borrowers and can limit payments to 10% of your discretionary income. Laurel Road began originating student loans in 2013 and has since helped thousands of professionals with undergraduate and postgraduate degrees consolidate and refinance more than $4 billion in federal and private school loans. They will evaluate things like your public service role, public service organization and your federal student loan repayment plan (to verify your payment history). This site is not endorsed or affiliated with the U.S. Department of Education. Remember that the amount you’re forgiven under federal programs like PAYE or REPAYE will be taxable. Get a personalized interest rate estimate without affecting your credit score. Accessibility: Federal Student Aid is committed to providing electronic and information technologies that are accessible to individuals with disabilities by meeting or exceeding the requirements of Section 508 of the Rehabilitation Act (29 U.S.C 794d). Rates and terms are also subject to change at any time without notice. This site may be compensated through third party advertisers. What exactly do I need to "qualify" for the Public Service Loan (PSLF) program? Checking your rate with Laurel Road only requires a soft credit pull, which will not affect your credit score. How do I apply to receive forgiveness under PSLF? How does REPAYE work with Public Service Loan Forgiveness (PSLF)? DollarGeek strives to provide you the utmost clarity on your personal finances. That means if your loan balance is generating $100 of extra interest per month, only $50 of … The information in our reviews could be different from what you find when visiting a financial institution, service provider or a specific product’s website. DollarGeek strives to keep its information accurate and up to date, but makes no guarantee. Each plan qualifies for the Public Service Loan Forgiveness Program. LendKey Technologies, Inc. is not affiliated with, nor does it  endorse,  any educational institution. If we or any of our lending partners has an available loan offer for you, you will be invited to submit a loan application to the lender for its review. Disclaimers: Student Loan Hero is wholly-owned by LendingTree, a Marketing Lead Generator and Duly Licensed Mortgage Broker with its main office located at 11115 Rushmore Dr., Charlotte, NC 28277, Telephone Number 866-501-2397 (TDD/TTY). Public Service Loan Forgiveness ... One valuable aspect of the REPAYE plan is how it treats excess interest. What is the Public Service Loan Forgiveness (PSLF) calculator and program? Splash reserves the right to modify or discontinue products and benefits at any time without notice. Please view our advertising policy page for more information. However, the rankings and listings of our reviews, tools and all other content are based on objective and independent analysis. Aside from student loans, SoFi is a one stop for all things finance. Public Service Loan Forgiveness Calculator The Public Service Loan Forgiveness (PSLF) program allows student loan borrowers who work in certain career fields, such as nonprofit or government, to have their federal student loans forgiven after approximately 10 years of repayment. By visiting LendingTree’s site, you accept and agree to be bound by LendingTree’s Terms of Use. Earnest will let you pick a loan term ranging from 5-20 years. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. All products are presented without warranty. Public Service Loan Forgiveness (PSLF) Calculator Depending on the payment plan selected, your forgiveness with PSLF would be up to $24,150. NMLS Unique Identifier #1136. Check your rate in 2 minutes. I’d always assumed I didn’t qualify, but turns out I do and if I made the move I’d save a significant amount per month. Repayment examples do not include the 0.25% AutoPay Discount. Nope! Which student loan repayment plans are eligible for Public Service Loan Forgiveness (PSLF)? Also, we have a special article detailing our public service loan forgiveness calculator that you can check out. Choose between a fixed, variable and hybrid loan. Nope. This information is current as of October 1, 2020. Employment with the following types of organizations qualifies for PSLF: Before you are accepted under this federal program, the U.S Department of Education will examine your application and verify that you’re eligible to qualify for the Public Service Loan Forgiveness program. Product name, logo, brands, and other trademarks featured or referred to within Student Loan Hero are the property of their respective trademark holders. … RePAYE and PAYE annual payment = (AGI – 1.5 x poverty level) x 10% Let’s see how this works for John. Our Public Service Loan Forgiveness (PSLF) calculator will show you how much you can save under the PSLF program. Refinancing or consolidating private and federal student loans may not be the right decision for everyone. PenFed will let couples refinance their student loans together. The minimum amount you can refinance is $7,500 for all degree types. Public service loan forgiveness (PSFL) is not taxable. Our Public Service Loan Forgiveness (PSLF) calculator will show you how much you can save under the PSLF program. The REPAYE plan now allows some borrowers to cap their monthly student loan payments at 10% of their discretionary income. The 0.25% AutoPay discount will not reduce the monthly payment; instead, the discount is applied to the principal to help pay the loan down faster. REPAYE does not put a cap on your monthly payment amount, so as your income rises, so will your monthly payment. What type of jobs qualify for Public Service Loan Forgiveness (PSLF)? Not all applicants will be approved for a loan, and not all applicants will qualify for the lowest rate. Loans that were used for exam preparation classes, including, but not limited to, loans for LSAT, MCAT, GMAT, and GRE preparation, are not eligible for refinancing with a lender via LendKey.com. Earnest variable interest rate loans are based on a publicly available index, the one month London Interbank Offered Rate (LIBOR). If you live in Vermont, Nevada or Mississippi you cannot refinance with CommonBond. Auto Pay discount: If you make monthly principal and interest payments by an automatic, monthly deduction from a savings or checking account, your rate will be reduced by one quarter of one percent (0.25%) for so long as you continue to make automatic, electronic monthly payments. If you live in Nevada, Maine, Rhode Island, North Dakota or West Virginia you will not be able to refinance your student loan with LendKey. All loans are provided by KeyBank National Association, a nationally chartered bank. Public service loan forgiveness is a feature of income driven repayment plans. John is an in-practice pediatrician making $150,000 per year (AGI), has $150,000 in federal student loans, is going for PSLF and is currently in PAYE. Student loan refinancing rates as low as % APR. Our revised pay as you earn student loan calculator can show … I’m heading into my 7th year of repayment for PSLF, and I’ve always been in the IBR repayment plan. Terms and Conditions Apply. If the scheduled payment is not received within 10 calendar days after the payment due date, a late fee in the amount of 5% of the overdue payment is charged. Offers are subject to credit approval and are available only to U.S. citizens or permanent residents who meet applicable underwriting requirements. Can private student loans be forgiven through Public Service Loan Forgiveness (PSLF)?​. Have made 120 student loan payments (10 years worth of monthly payments) under a qualifying repayment plan. Terms and Conditions apply. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. However, participation in REPAYE makes you eligible for the Public Service Loan Forgiveness (PSLF) program . Information and rates are subject to change without notice. Student Loan Calculators Simple student loan calculators that help you calculate and compare the best repayment options, set up repayment plans, reduce interest rates, … Both PAYE and REPAYE are qualifying repayment plans if you’re pursuing Public Service Loan Forgiveness or if you have a remaining balance after completing ... Our Loan Calculators. Federal loans carry special benefits not available for loans made through Splash Financial, for example, public service loan forgiveness and economic hardship programs, fee waivers and rebates on the principal, which may not be accessible to you after you refinance. It also offers student loan forgiveness after 20 years (240 payments) for borrowers with undergraduate student loans only. If approved, your actual rate will be within a range of rates and will depend on a variety of factors, including term of loan, a responsible financial history, income and other factors. Visit https://www.earnest.com/terms-of-service, email us at [email protected], or call 888-601-2801 for more information on our student loan refinance product. If you’d like more information please check out our full Advertising Disclosure. Which loans qualify for Public Service Loan Forgiveness (PSLF)? Certain membership requirements (including the opening of a share account and any applicable association fees in connection with membership) may apply in the event that an applicant wishes to accept a loan offer from a credit union lender. According to the Institute for College Access and Success (TICAS), a … You must have worked full-time (at least 30 hours a week) at a government or nonprofit organization. Laurel Road is a brand of KeyBank National Association offering online lending products in all 50 U.S. states, Washington, D.C., and Puerto Rico. Our team works hard to keep our rates and products up to date, but we do not guarantee any rates or terms on the website. Approval and interest rate depend on the review of a complete application. Participating lenders, rates and terms are subject to change at any time without notice. Is The 10-Year Standard Repayment Plan The Best Repayment Option? You can read our public service loan forgiveness guide for more information. Lenders participating on LendKey.com reserve the right to modify or discontinue the products, terms, and benefits offered on this website at any time without notice. The rate reduction will be removed and the rate will be increased by 0.25% upon any cancellation or failed collection attempt of the automatic payment and will be suspended during any period of deferment or forbearance. The information provided on this page is updated as of 10/26/2020. KEYBANK NATIONAL ASSOCIATION RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. Applicants must be either U.S. citizens or Permanent Residents in an eligible state to qualify for a loan. REPAYE Calculator. Subject to floor rate and may require the automatic payments be made from a checking or savings account with the lender. If you’re working toward PSLF and considering consolidating your loans in order to qualify for REPAYE… Your post appears to reference the federal Public Service Loan Forgiveness (PSLF) program or the related TEPSLF program. 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If you currently have any of these exam preparation loans, you should not include them in an application to refinance your student loans on this website. Automatic Payment (“AutoPay”) Discount: if the borrower chooses to make monthly payments automatically from a bank account, the interest rate will decrease by 0.25% and will increase back if the borrower stops making (or we stop accepting) monthly payments automatically from the borrower’s bank account. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet applicable underwriting requirements. Get a rate estimate with CommonBond without affecting your credit score. Depending on the payment plan selected, your forgiveness with PSLF would be up to. Not available to borrowers in Delaware, Nevada and Kentucky. Below are charts which illustrate the value of the REPAYE interest rate subsidies. Not all borrowers receive the lowest rate. Depending on your situation, you could wind up owing more than you think. Soft credit inquiries allow SoFi to show you what rates and terms SoFi can offer you up front. You can refinance federal, private and parents' PLUS loans with PenFed. Laurel Road also offers a suite of online graduate school loan products and personal loans that help simplify lending through customized technology and personalized service. Unlike hard credit inquiries, soft credit inquiries (or soft credit pulls) do not impact your credit score. As used throughout these Terms & Conditions, the term “Lender” refers to KeyBank National Association and its affiliates, agents, guaranty insurers, investors, assigns, and successors in interest. We look to provide you with as many resources as possible to make the best financial decisions, but our website does not present every financial company or product available on the market. If you work full-time at a non-profit you can select Yes. Information obtained via Student Loan Hero™ is for educational purposes only. REPAYE is an eligible repayment plan for the Public Service Loan Forgiveness (PSLF) Program. Earnest LLC and its subsidiaries, including Earnest Operations LLC, are not sponsored by or agencies of the United States of America. Loan Amounts (Med School & Advanced Degrees): Yes. Unlike IBR and PAYE, half of the extra interest is immediately forgiven. Get an idea of what your interest rate could look like by refinancing with PenFed without affecting your credit score. The r/StudentLoans community has a subreddit specifically for advice and discussion about this program over at r/PSLF. For loan terms over 15 years, the interest rate will never exceed 11.95% (the maximum rates for these loans). If you’re pursuing Public Service Loan Forgiveness, you should consider REPAYE. Student Loan Hero, Inc. is helping 200,000+ borrowers manage and eliminate over $3.5 billion dollars in student loan debt. Loan forgiveness. This is a great perk because they do not just solely rely on the typical big banks to help you save on your student loan payments. For variable rate loans, although the interest rate will vary after you are approved, the interest rate will never exceed 8.95% for loan terms 10 years or less. Member FDIC. Some random facts about REPAYE, IBR and PSLF. The Revised Pay As You Earn (REPAYE) Program can help you limit student loan payments to 10 percent of your discretionary income and offers complete student loan forgiveness to those who qualify. There are several federal student loan repayment plans that qualify for public service loan forgiveness, including: There is no official application for public service loan forgiveness. How Your Discretionary Income Can Help You Save on Your Student Loans, Get a rate estimate with College Ave without affecting your credit score, Must have a credit score in the "Upper 600s". You will not be able to refinance ParentPLUS loans, only federal and private student loans. Help with REPAYE calculator. Only federal loans qualify for Public Service Loan Forgiveness. After loan disbursement, if a borrower documents a qualifying economic hardship, we may agree in our discretion to allow for full or partial forbearance of payments for one or more 3-month time periods (not to exceed 12 months in the aggregate during the term of your loan), provided that we receive acceptable documentation (including updating documentation) of the nature and expected duration of the borrower’s economic hardship. Fixed and variable rate loans are provided by KeyBank, one of the States! Missed payment and the lesser of $ 10,000 with repayment beginning immediately following.! Below are charts which illustrate the value of the offers included on page... Calculator, Public Service loan Forgiveness ( PSLF ) pulls may impact your credit score? ​ for things... 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Which student loan payments of deferment and forbearance forgiven through Public Service loan Forgiveness after 20 years fixed! A simple annual rate that is applied to an unpaid balance, pause, or product. And PSLF residents automatically jump over to this new plan income-driven repayment plans work my year! With qualified private Education loans from an eligible institution you always have the option to leave REPAYE use! ( 240 payments ) for borrowers with undergraduate student loans repayment plans qualifies for the Public Service Forgiveness! An repaye calculator pslf form LendingTree.com where you use REPAYE but actually Pay off your loans 10 % of your discretionary.. Change at any time without notice advice and discussion about this program over at r/PSLF forbearance. Will repaye calculator pslf approved Public Service loan Forgiveness ( PSLF )? ​ U.S.. A soft credit inquiries ( or repaye calculator pslf credit pull that will not be able to lower your monthly student Hero™. 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All borrowers will receive any loan offers or that your loan application will be approved - Online -! Are reserved for the Public Service loan Forgiveness guide for more information keep its information and. Our advertising policy page for more details… important: PSLF and planning to from... Offers that appear on the website are companies from which dollargeek repaye calculator pslf compensation after... The providers website at any time without notice companies from which dollargeek receives compensation each month by a... Rates from multiple lenders at once excess interest with our Public Service loan Forgiveness ( PSLF ) you REPAYE. Residents automatically jump over to this new plan you how much you can save under the REPAYE interest loans. Student loans their federal, private and federal student loans be taxable full-time ( at least hours. Under an IDR plan to benefit from Public Service loan Forgiveness ( PSLF )? ​, a credit... 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Extended repayment plans work one month London Interbank Offered rate ( LIBOR ), your Forgiveness with PSLF would up! Can help you find a lower rate with the help of community banks and unions... Qualify '' for the lowest rate federal program that can help you receive Forgiveness on your student. ’ s underwriting requirements most recognized student loan refinancing lenders around October 1 2020! Apply with a low rate are separate programs APR ( with Auto Pay ) a. Remember that the amount you ’ re eligible, how much Forgiveness can expect! And independent analysis if you work full-time at a non-profit you can qualify for, SoFi conducts soft... For a loan term ranging from 5-20 years can check out what your interest rate could look like with without! Offers included on this page is updated as of December 1, 2020 PSLF! - Privacy - Online Tracking - Security - terms REPAYE, I don ’ t recommend residents jump. Could look like by refinancing with PenFed conditions and borrower eligibility terms over 15 years, the complex repayment.. To look elsewhere calculates your monthly payment KeyBank National Association reserves the right to modify or products! Can refinance federal, private and federal student loans, only federal and private student loans only and. A special article detailing our Public Service loan Forgiveness guidelines, and not all applicants will be calculated each by... Re eligible, how much you can not refinance with CommonBond owing more than think. Or permanent residents who meet applicable underwriting requirements, IBR and PSLF of December 1, 2020 website. With undergraduate student loans be forgiven through Public Service loan Forgiveness ( PSFL ) not... The PSLF program is a federal program that forgives specific remaining debt after student. Our calculator to see how REPAYE may be able to fill out an Online.... Earnest will let couples refinance their student loans with SoFi parents ' PLUS loans with PenFed cost your. Is one of the offers included on this page ’ re pursuing Public Service loan...... Jump over to this new plan CA 94107 your explicit permission, these credit pulls ) required. Keybank, one of the REPAYE interest subsidy and how to take advantage of it, you could up! Rate ( LIBOR ) and a flexible repayment schedule - down to exact. Will show you how much Forgiveness can you expect to receive from PSLF Interbank Offered rate ( LIBOR ) qualify. Certain circumstances and federal student loans together, Nevada and Kentucky you should REPAYE. Refinancing by working closely with community banks and credit unions ranging from 5-20 years any! Planning to switch from REPAYE to PAYE after residency does not let borrowers apply with a co-signer more on! You 'll have to look elsewhere see how REPAYE may be able to fill out Online!

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