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Income Driven Plans

All articles tagged with #income driven plans

education2 months ago

US Education Department Announces Major Student Loan Reforms and Borrowing Caps

The Department of Education finalized negotiations on President Trump's student-loan repayment overhaul, which includes replacing income-driven repayment plans with new options, instituting borrowing caps on graduate and professional loans, and eliminating the Grad PLUS program. These changes are set to take effect in July 2026 and aim to make higher education more affordable and hold universities accountable for costs.

via Business Insider|
#borrowing-caps#education#income-driven-plans
education3 months ago

Major Changes in Student Loans Could Significantly Impact Borrowers and Higher Education

Millions of federal student loan borrowers face potential monthly payment increases of $400 or more due to the new OBBBA law, which phases out several income-driven repayment plans and introduces a new, often more costly, repayment option, impacting current, new, and Parent PLUS borrowers over the next few years.

via meigsindypress.com|
#education#income-driven-plans#loan-forgiveness
finance2 years ago

Student Loan Repayment Resumes Amidst Uncertainty.

The payment pause on federal student loans will end on September 1, 2023, after being extended eight times since March 2020. Borrowers should ensure their loan servicer has their latest contact details and be prepared for payments to restart. Those who miss the first payment can contact their servicer to make arrangements to become current. Borrowers have many options, including fixed payment plans, income-driven repayment plans, and last resorts like deferment or forbearance. The Biden administration has proposed a less expensive income-driven plan that could reduce payments for millions of borrowers by more than half. Borrowers need to be on high alert for scam artists offering debt relief and other services.

via The New York Times|
#borrowers#debt#finance