06/25/2026
🚨 Federal student loan update!
🗞️ Significant changes to federal student loan repayment programs are taking effect beginning
July 1, 2026.
✅ SAVE Plan Ended
The SAVE repayment plan has been discontinued. If you are currently enrolled in SAVE notices will go out from loan servicers to select a new repayment option.
✅ Interest Rate Reduction Opportunity
Starting on July 1, 2026, the interest rate reduction for borrowers enrolled in auto pay will grow to 1%. The reduction is available for certain borrowers with Direct Loans disbursed on or after July 1, 2012. This interest rate will go into effect through June 30, 2028.
✅ New Repayment Assistance Plan (RAP)
Beginning July 1, 2026, borrowers may be eligible for the new Repayment Assistance Plan. Monthly payments are based on income and are designed to provide an affordable repayment option.
✅ Income Driven Repayment options.
There are several income-driven repayment plans:
Income-Based Repayment (IBR) Plan
Income-Contingent Repayment (ICR) Plan
Pay As You Earn (PAYE) Repayment Plan
To repay your federal student loans under an IDR plan, you need to fill out an application. Find out more details by visiting the student aid website.