Are you ready for the new rules about student loan repayment plans?

The U.S. Education Department reopened applications for income-driven repayment plans for student loan borrowers after a court ruling previously halted them. The ruling blocked the Biden administration’s Savings on a Valuable Education Plan, complicating renewals for borrowers. The American Federation of Teachers filed a lawsuit to expedite processing. These delays impacted the relief available to borrowers, particularly those in the Public Service Loan Forgiveness program. The Student Borrower Protection Center noted that unprocessed applications hinder support. While online applications were unavailable, the department continued processing paper applications. Income-driven repayment plans adjust monthly payments based on income and family size, requiring periodic eligibility verification. Advocates recommend borrowers prepare for potential delays and select appropriate repayment plans. The Federal Student Aid office faced staffing reductions, raising concerns about support levels, though the administration claims service delivery remains unaffected.

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