Many student loan holders are in limbo and unable to view their balances or track their payment progress due to the current restructuring within the education department. The tool that was once available to help borrowers track balances and payments is no longer online and the department has said they do not plan to bring it back. Borrowers on the Save plan will need to change plans at some point but no date is set. All others have access to a variety of Income Driven Repayment plans, Income Based Repayment plans, or Income Contingent Repayment plans. A new plan known as the Repayment Assistance Plan is set to be unveiled in July 2026.
Tag: federal education loans
Education Loan Relief
The federal government has extended its pause for education loans to those held by private companies. This is a big step in helping individuals with debts who have been adversely affected by the Covid pandemic, but advocacy groups want more and are calling for participants in the Federal Family Education Loan Program to be included as well. Qualifying education loans that went into default as of March 13, 2020 have been returned to good standing.
Relief extended to more than 1 million borrowers with privately-held student loans