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USA TODAY
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Federal student loan rules update July 1
Federal student loan rules will change on July 1, affecting repayment options and certain loan programs. Borrowers should review their accounts before then to ensure they select the best plan, especially as some existing plans will be phased out or limited. Notably, borrowers in SAVE will need to switch plans within 90 days to avoid automatic enrollment into new options, and Parent PLUS borrowers must consolidate their loans by July 1 to retain eligibility for income-driven repayment and forgiveness programs. Additionally, new borrowers will have fewer repayment choices, with only the Standard Repayment Plan and RAP available starting July 1.
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