Student Loans

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On Oct. 11, 2023, FSA posted additional information on about new regulations pertaining to Public Service Loan Forgiveness (PSLF) Buyback (Trusted Partner Link).

Borrowers can now buy back certain months from their payment history to make them qualifying payments for PSLF. Specifically, borrowers can buy back months that don’t count as qualifying payments because they were in an ineligible deferment or forbearance status.

Income Driven Repayment

The U.S. Department of Education (ED) announced that it has fully launched its updated income-driven repayment application tool on and that student loan borrowers can now officially enroll in the Saving on A Valuable Education (SAVE) plan, the most affordable repayment plan ever created. You can read more in ED's press release (Trusted Partner Link) and in the White House fact sheet (Trusted Partner Link).

The SAVE plan will:

  • protect more of a borrower’s income for basic needs.
  • ensure that borrowers never see their balance grow due to unpaid interest as long as they keep up with their required payments.
  • halve the share of income that goes to payments on undergraduate loans.

ED has also streamlined the IDR application. It now takes just 10 minutes or less to complete and borrowers will be able to securely connect to their IRS tax information and sign up for automatic annual recertification. We encourage borrowers to apply as soon as possible (Trusted Partner Link) to have their new monthly payment amount reflected in their billing statement for payments in October.

To help ensure borrowers take full advantage of resources available from ED, the Biden-Harris Administration is launching a nationwide outreach campaign called “SAVE on Student Debt” in partnership with leading grassroots organizations. This public-private partnership builds upon the robust direct outreach underway from Federal Student Aid and loan servicers by leveraging strategic partnerships across public, private, and nonprofit sectors to support borrowers and ensure they take full advantage of the benefits provided by the SAVE plan. This partnership will be led by ED in collaboration with Civic Nation, the National Association for the Advancement of Colored People (NAACP), the National Urban League (NUL), Rise, the Student Debt Crisis Center, UnidosUS, and Young Invincibles.

Here are a few additional resources: