Student loan borrowers can now apply for the new income-driven repayment plan that can lower their monthly payments. The Department of Education encouraged those borrowers who might struggle with payments to try its new IDR plans.
Are You Excited To Lower Your Payments?
Student loan borrowers will prepare their payments that resume soon. Biden’s management launched a website for student borrowers its new income-driven repayment plan. So they can start applying the new IDR plans so they can avail of the most affordable repayment plan.
The new website was scheduled to launch on the first week of the month. The income information from the Internal Revenue Service (IRS) will save automatically. Those student loan borrowers who will apply for the new income-driven repayment plans will need to have their income re-certified every year first. The Department of Education encourages student borrowers to apply to its new IDR plans, especially those who might struggle with their payments, according to a published article by Justin Boggs.
Those student loan borrowers who are not presently on an IDR plan and wanted to lower their payments should complete the new application first and those who completed the new application will not need to re-apply and just wait for a confirmation email. But the new IDR plans will ensure those student loan borrowers’ balances won’t increase due to unpaid interest.