New Federal Rules Will Help Keep Student Loan Payments Affordable
The U.S. Department of Education issued final regulations that will help many more federal student loan borrowers lower their monthly payments and avoid default. Final rules for the new Pay-As-You-Earn repayment plan will provide additional much-needed repayment relief to recent graduates, who are entering the job market with record student debt and facing near record unemployment rates. The new rules will also make the current Income-Based Repayment (IBR) and Income-Contingent Repayment (ICR) plans more accessible and helpful to borrowers, and simplify the process of discharging federal student loans in cases of total and permanent disability.
