(InvestigateTV) — A major overhaul to the federal student loan system is happening and it will affect the lives of almost all 43 million student loan borrowers.
Kate Wood with NerdWallet said the number one thing to know is that most changes start happening July 2026, so there is no rush to take immediate action. But there are things that can be done now to prepare.
“If you are currently in repayment and you’re on one of the income-driven repayment plans, three of those plans are currently going away,” Wood explained. “So, SAVE, PAYE, and ICR, or income contingent repayment, are going to start being unsettled next July. They will be completely gone by July 2028. And the Education Department seems to really be encouraging folks to go ahead and move off of those plans.”…