IDR Left In Limbo: Experts Explain What's Going on With Student Loan Payment Plans

If you're holding out hope for more affordable student loan payments or even forgiveness, the future may look bleak. Following the Feb. 18 appeals court ruling against SAVE, experts have encouraged SAVE borrowers to explore other income-driven repayment (IDR) plans. However, the Department of Education recently closed applications for all IDR plans. How long will borrowers have to wait to sign up for an IDR or switch from SAVE to another plan? Experts aren't certain. "It's unclear how long IDR applications will remain unavailable," said Elaine Rubin, a student loan policy expert, CNET expert review board member and advisor for Edvisors. "Unfortunately, borrowers looking to enroll in a repayment plan to better manage their monthly payments won't be able to complete an application until they are back." This latest setback comes on the heels of a flurry of federal changes from President Donald Trump's administration, including layoffs across the Department of Education and a proposal ... Read full article.