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Student Loan Relief Programs

1. Income Driven Repayment (IDR) Adjustment

The Department of Education (ED) made several changes and updates that will bring borrowers closer to forgiveness under income-driven repayment (IDR) plans.

IDR Account Adjustment

ED's IDR account adjustment initiative seeks to credit borrowers who have federally-owned loans with more time towards IDR forgiveness to make up for past inaccuracies in ED's IDR tracking procedures. Borrowers in repayment for at least 20 or 25 years will receive automatic forgiveness, and all other eligible borrowers would get credit for:

  • any months in a repayment status, regardless of the payments made, loan type, or repayment plan;

  • 12 or more months of consecutive forbearance or 36 or more months of cumulative forbearance

  • months spent in economic hardship or military deferments after 2013

  • months spent in any deferment (with the exception of in-school deferment) prior to 2013; and

  • any time in repayment on earlier loans prior to consolidation of those loans into a consolidation loan.

Visit Payment Count Adjustments Toward Income-Driven Repayment and Public Service Loan Forgiveness Programs | Federal Student Aid for more information on the IDR account adjustment. These adjustments could add a significant amount of qualifying payments toward loan forgiveness for our customers, but only if you apply for a Direct Consolidation Loan BEFORE the end of 2023. Visit Direct Consolidation Loan to apply.

Learn more about federal Income Driven Repayment Plans.

2. SAVE Plan

ED created a new IDR plan called SAVE.

The Saving on a Valuable Education (SAVE) Plan replaces the existing Revised Pay As You Earn (REPAYE) Plan. The SAVE Plan provides the lowest monthly payments of any IDR plan available to nearly all student borrowers. The SAVE Plan, like other income-driven repayment (IDR) plans, calculates your monthly payment amount based on your income and family size. Learn more about the SAVE Plan.

Learn more about federal Income Driven Repayment Plans.

3. Federal student loan repayment pause for eligible loans held by the U.S. Department of Education (ED) has ended.

The U.S. Department of Education’s COVID-19 relief for student loans has ended. Student loan interest resumed on Sept. 1, 2023, and payments will be due starting in October. 

Here are some things you can do to smooth the transition as your federal loan payments resume: