Federal student loan update from Cambridge Credit Counseling

Our endorsed partner offers information about potential changes to the student loan process.

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If enacted, the current administration’s tax bill would make significant changes to the federal student loan process.

Cambridge Credit Counseling believes the following changes may be forthcoming:

1. The SAVE plan will be terminated, and ICR, PAYE, and the newer version of IBR may also be terminated. If you are already enrolled in everything but SAVE, you should be fine. If you are currently in SAVE, though, you should apply for IBR now.

2. Payments made though any income-driven plan toward PSLF will still count, although you may need to change your repayment plan to the older version of IBR.

3. If you are holding Parent PLUS loans, you will want to get them into an income-driven plan today. Do not delay with this as you may be permanently barred from all income-driven plans, which would mean your payments would probably skyrocket and PSLF wouldn’t be an option.

Click here for more information about student loan counseling or contact a student loan counselor toll-free at 888-254-9827.