The Department of Education is scheduled to open applications for two older repayment plans next week to provide more options꧋ for borrow𝔉ers stuck in limbo.

As 澳洲幸运5官方开奖结果体彩网:ongoing lawsuits have frozen the department's Saving for a Valuable Education (SAVE) plan, millions of borrowers under the repayment plan were 澳洲幸运5官方开奖结果体彩网:placed into forbearance and unable to make pr꧟ogreꦍss toward loan forgiveness.

In♔ reaction, the Department of Education is reinstating repayment plans that m🐠ay not be as generous as the SAVE plan but could help borrowers in various situations.

What Are My Options?

Since the Eighth Circuit Court of Appeals ordered the government to pause the SAVE program in July, the IBR and the 澳洲幸运5官方开奖结果体彩网:Standard Repayment Plan were the only active choices for borrowers. Enrollees could apply to the SAVE plan, but their loans would be put in forbearance as their appliꦏcation was processed.

Starting next week, borrowers can apply to the Income-Contingent Repayment (ICR) and 澳洲幸运5官方开奖结果体彩网:Pay As You Earn (PAYE) plans to get out of the SAVE plan.

Here are the details of each available plan:

• Standard Repayment Plan: If borrowers don't pick a repayment plan, they are automatically placed in this plan. Monthly payments are typically higher than those in other plans because they are fixed and paid over 10 to 30 years.
• Income-Based Repayment Plan: Monthly payments generally equal 15% of your 澳洲幸运5官方开奖结果体彩网:discretionary income (the difference between your annual income and 150% of the poverty guideline), divided by 12.
• Pay As You Earn Plan: Monthly payments generally equal 10% of your discretionary income (the difference between your annual income and 150% of the poverty guideline), divided by 12.
• Income-Contingent Repayment Plan: Under this plan, you would pay the lesser of two options. The first option is monthly payments that take the amount you would pay under a standard repayment plan for 12 years and adjust it to take into account your income and life circumstances, such as if you're married or have dependents. This formula has a variety of factors and is calculated differently for each person. The other option is payments of 20% of your discretionary income (the difference between your annual income and 100% of the poverty guideline) divided by 12.

Some options may be better than others for you, 🧔dependi🎀ng on your needs and situation.

If You Are Seekin💖g Public Service Loan Forgiveness

For several months, borrowers enrolled in the SAVE plan have been 澳洲幸运5官方开奖结果体彩网:unable to make qualifying payments toward total loan forgiveness under the 澳洲幸运5官方开奖结果体彩网:Public Service Loan Forgivene🍸ss 🌞(PSLF) program.

If you want to continue working toward PSLF loan forgiveness, applying to another repayment plan would allow you to work toward achieving it. Payments under any of the available plans would get borrowers closer to forgiveness. However, depending on how clo🐭se you are to forgiveness, you could finish paying off your loans before reaching the required 120 qualifying payments under the 10-year standard plan.

If You're Enrolled in the Standard Repayment Plan

Although not as generous as SAVE, the revived income-driven repayment plans, ICR or PAYE, would still lower 澳洲幸运5官方开奖结果体彩网:monthly payments for borrowers in the standard repayment plan.

Borrowers only qualify for these plans if their estimated payment is less than what they would pay on a standard repayment plan within 10 years. To qualify for the PAYE plan, you must have received your loans after Oct. 1, 2011, or 澳洲幸运5官方开奖结果体彩网:consolidated your loans.

🦋If You Have Big Financial Decisions Ahead and Need More Certainty

Borrowers under the SAVE plan will be under forbearance until the lawsuits surrounding it are settled. The Department of Education has said borrowers will be in forbearance for at least five more months.

Additionally, Donald Trump's election has some borrowers 澳洲幸运🍒5官方开奖结果体彩网:worried about the fate o𓄧f SAVE and PSLF programs.

This uncertainty has thrown many borrowers into limbo and prevented some from making significant financial plans until they get more clarity. If you are facing major financial decisions and need to know what your student loan payments will be long-term, you could apply for any of the available options. If your income qualifies, PAYE or ICR would likely r🃏esult in the smallest payments.