IDR Plan Application Deadline Approaching
Apply Now for Improved Loan Repayment Options
Eligibility Evaluation and Contact for Additional Information
Individuals seeking to apply for an Income-Driven Repayment (IDR) plan should take note of the upcoming deadline. Due to recent adjustments in repayment counts, periods of past loan deferments and forbearances may now qualify towards your IDR eligibility. To ensure you receive the full benefits of this adjustment, it is crucial to apply for an IDR plan by the deadline of December 31st, 2023.
Applying for an IDR plan is straightforward. Simply visit the official website and complete the online application. The Department of Education will review your eligibility and reach out for further information if necessary. The implementation of the Student Aid and Fiscal Responsibility Act (SAVE) Plan in July 2024 will provide additional benefits, including further reductions in monthly payments.
It is worth noting that President Biden's first student loan forgiveness plan involved an online application, offering a convenient method for borrowers to request loan forgiveness. Additionally, the Public Service Loan Forgiveness (PSLF) Program enables eligible borrowers to have the remaining balance of their Direct Loans forgiven after specific requirements have been met.
Comments