New rules change federal student loan repayment plans | wgrz.com

There are important deadlines this summer and next summer. BUFFALO, N.Y. — There are big changes coming to how college students and their families will borrow and repay federal student loans. This comes after President Donald Trump signed the One Big Beautiful Bill into law. According to the federal government, nearly 43 million people have federal student loan debt, so these changes impact a lot of people, and a lot of people who are thinking about borrowing in the future. If you take a federal student loan out before July 1, 2026, the main changes are with repayment plans. “PAYE and ICR are going to be phased out as of July 1 of 2028. So, if those two plans are the cheapest options for you right now, you can enroll in them and continue to make payments, but at some point, and probably if you remain in them until July of 2028, you’ll be transitioned into income based repayment or IBR,” said Nancy Nierman, Assistant Director, Education Debt Consumer Assistance Program (EDCAP). “Some people, your payments are going to be significantly higher. Other people might not see as much of a change, but it’s really going to come down to
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