The Departꦐment of Education reopened two older repayment plans on Wednesday so borrowers can continue to repay their student loans.

Borrowers can now apply for the Income-Contingent Repayment (ICR) plan and 澳洲幸运5官方开奖结果体彩网:Pay As You Earn (PAYE) until July 1, 2027.

These plans have been opened to 澳洲幸运5官方开奖结果体彩网:provide more options to borrowers enrolled in the 澳洲幸运5官方开奖结果体彩网:ꦛSaving for a Valuable Edu𝓰cation (SAVE) plan and who were placed in forbearance after a federal court ordered that student loan 澳洲幸运5官方开奖结果体彩网:forgiveness be paused.

While in forbearance, payments are not due, and interest will not accrue. However, borrowers cannot make ꦫ澳洲幸运5官方开奖结果体彩网:qualifying payments toward loan forgiveness and have 澳洲幸运5官方开奖结果体彩网:been in limbo while the court case continues. The depar😼tment said forbearance will be lifted once borrowers are enrolled in IC꧑R or PAYE.

What Are These Two Options?

While the two reinstated options may not be as generous as the SAVE plan, they could help borrowers in various situations. Experts said some options may be better than others, depending on a borrower's needs and situation.

The Department of Education said the PAYE plan provides the lowest monthly payments to most borrowers. The ICR plan has an alternative formula to calculate monthly payments, which could provide lower payments for those whose debt is "low relative to their income."

Borrowers can enroll for either of the income-driven r🌄epayment plans .