The Department of Education plans to reopen applications for a popular set of student loan repayment programs as soon as Wednesday after blocking access to them for several weeks, according to two sources familiar with the administration’s plans.
The change will once again allow borrowers to sign up for income-driven repayment options that cap their monthly payments at a share of their earnings. The Trump administration abruptly took down the online forms for those plans last month in response to a federal appeals court decision, leaving many former students baffled about how to manage their loans.
When the portal reopens, borrowers will be able to enroll in one of three plans according to the sources: Income-Based Repayment, Pay as You Earn, or Income-Contingent Repayment. The Biden administration’s SAVE plan and REPAYE, both of which were involved in last month’s court ruling, will not be available. Neither will offer a feature that automatically selects a plan based on the lowest monthly payment.
Read more at Yahoo News.
