Borrowers must pick a new plan before July 1, 2028
What the document says“The Secretary of Education shall take such steps as may be necessary to ensure that before July 1, 2028, each borrower who has one or more loans that are in a repayment status in accordance with, or an administrative forbearance associated with, an income contingent repayment plan authorized under section 455(e) of the Higher Education Act of 1965”
The section requires the Secretary of Education to make sure that before July 1, 2028 every borrower with a loan in repayment or administrative forbearance under an income contingent repayment plan picks the Repayment Assistance Plan, the income-based plan under section 493C, or another plan under section 455(d)(1). Repayment under the chosen plan starts July 1, 2028 or earlier if the borrower wants. A borrower who does not pick is enrolled by the Secretary in the Repayment Assistance Plan, or in the section 493C plan for loans not eligible for it, and must start repaying on July 1, 2028.
What the document actually says“The Secretary of Education shall take such steps as may be necessary to ensure that before July 1, 2028, each borrower who has one or more loans that are in a repayment status in accordance with, or an administrative forbearance associated with, an income contingent repayment plan authorized under section 455(e) of the Higher Education Act of 1965”
The Secretary must move borrowers off the old plans. That must happen before July 1, 2028. It covers loans in repayment or on hold.
The borrower picks from three plans. Payments start July 1, 2028. Anyone who does not pick is signed up by the Secretary.
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