Federal student loan changes go into effect July 1. Here are 4 questions borrowers need to ask now.
Summary
New federal student loan rules will start on July 1 and could change repayment plans and eligibility for borrowers. Borrowers should check which repayment plan they have, understand new rules, and consider how the changes might affect their monthly payments before the deadline.Key Facts
- Federal student loan changes take effect on July 1.
- These changes may affect which repayment plans borrowers can use.
- Eligibility requirements for some repayment programs will change.
- Borrowers should confirm their current repayment plan now.
- Some repayment options may become harder to access after July 1.
- Understanding these changes can help borrowers avoid losing access to better repayment plans.
- The changes can impact monthly budgets and long-term financial plans.
- Borrowers should review their loan servicer accounts and prepare before the new rules start.
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