The Big Bad Bill that was recently passed will take a heavy toll on those with existing student loans, forcing borrowers to find ways to pay off their loans more quickly.
“For new borrowers who take out student loans after July 1, 2026, they will only have two options: a new Standard Plan, or an income-driven repayment plan called the Repayment Assistance Plan. Furthermore, new borrowers will face lower student loan borrowing limits and changes to loan types.
“For existing borrowers, there will not be immediate changes, but between July 2026 and July 2028, the income-contingent repayment plans (Income-Contingent Repayment, Pay As You Earn, and Saving on a Valuable Education) will be eliminated, and borrowers will have to migrate to a modified version of Income-Based Repayment.
“Graduate students face the elimination of Grad PLUS Loans, which previously had no limit. Graduate students will have the current $20,500 annual limit, and a $100,000 lifetime, while professional students will have the $50,000 annual limit and $200,000 lifetime.” ~Forbes
And from MSN: “The bill eliminates existing income-driven repayment plans and replaces them with two less generous options, along with adding new restrictions on the types of loans parents and graduate students can take out. It also limits borrowers’ abilities to place their loans on deferment if they’re facing financial hardship.”
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