Income-Contingent Repayment Plan Options
Published Date: 1/15/2025
Rule
Summary
If you have federal student loans, good news! The deadline to join Income-Contingent Repayment plans like ICR, PAYE, REPAYE, or SAVE just got pushed from July 1, 2024, to July 1, 2027. This gives you more time to pick a plan that fits your income while the Department of Education updates the rules, with changes kicking in July 1, 2026.
Analyzed Economic Effects
4 provisions identified: 3 benefits, 1 costs, 0 mixed.
PAYE May Lower Monthly Payments
Some borrowers who enroll in PAYE instead of older income-based plans can pay less each month; for example, a single borrower with $60,000 annual income would pay $318/month on PAYE instead of $477/month under an older IBR plan, a $159/month savings. Borrowers who enroll in PAYE during the reopening period may also make payments that count toward forgiveness paths like PSLF.
PAYE and ICR Reopened Until 2027
If you have federal student loans, the Department reopened the Pay As You Earn (PAYE) and Income-Contingent Repayment (ICR) plans so new enrollments are allowed through July 1, 2027. The regulation is effective July 1, 2026, and the Department designated earlier implementation on December 16, 2024.
SAVE Enrollees Placed in Forbearance
Borrowers who remain enrolled in the SAVE plan are being placed in a forbearance while the Department updates SAVE to comply with a court injunction, and interest will not accrue during that forbearance. This forbearance is in place until a revised, injunction-compliant SAVE plan is available.
SAVE Forbearance Won't Count for PSLF
The Department will not credit time spent in the SAVE-related forbearance toward Public Service Loan Forgiveness (PSLF). If you are seeking PSLF, payments during this SAVE forbearance period will not count toward forgiveness.
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