"Loan Repayment Overhaul: Millions Face July 1 Deadline to Switch Plans. As the Biden administration's student loan overhaul takes effect, millions of borrowers will soon face a critical decision: switch to a new repayment plan or stick with their current one. Starting July 1, the U.S. Department of Education will no longer offer income-driven repayment plans that were introduced during the Obama administration, forcing borrowers to choose from a revamped set of options. The plan you choose could significantly impact your monthly payments, with some borrowers potentially seeing their payments reduced by hundreds of dollars or more."
Millions of student loan borrowers will need to switch to new repayment plans starting July 1 – and the plan you choose could make a huge difference in how much you owe each month.
