Is it necessary to apply for PAYE before July 1?

I owe $42,824, of which about $1500 is interest. I have a weighted interest rate of 4.79%. I can afford my standard payment (which I believe would be around $498), but I’d prefer to go onto PAYE until 2028 and send anything above my PAYE payment to my highest interest loan. My AGI for 2025 is $60,043 so I think my PAYE payment would be around $160. Do these numbers sound about right?

I read a somewhere on here that PAYE would be stopped for applications by July 1, so it’s necessary to get on the plan before July 1 rather than waiting to be told to get off SAVE forbearance, is this correct? I was planning to do PAYE until it’s gone to avoid any interest capitalization that comes with leaving IBR.