(The Center Square) – Major changes to federal student loans will begin July 1, with most prospective federal student aid applicants facing only two repayment plan options from that day forward.
The new plans replacing PAYE and ICR plans are a tiered Standard Repayment Plan and the income-driven Repayment Assistance Plan (RAP). Borrowers currently on PAYE or ICR plans will have until July 1, 2028, to transition to one of the new plans.
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