Student Loan Changes
Hi Terry,
I reviewed your article on the recent student loan changes and your comments on WGN. After looking into my repayment options, I checked the income-driven plan, but based on my income, my payment would be more than double my current amount. I’m currently on the Graduated Repayment Plan.
Should I stay on my current plan, and will I be impacted by the upcoming changes?
Thanks for your guidance,
Terry Says
Yes, upcoming changes will increase your payments starting July 1, 2026. You are likely on one of those very low monthly payment plans — under a program that is disappearing.
Did you use the website link in the column to calculate your new monthly payment under the new IBR plan? And even allowing for no need to demonstrate hardship, it still doubles your monthly payment??
Even so, early in the new year you should switch to the IBR plan before it goes away in July. Likely the upcoming RAP plan (per the column) will cost you even more every month!
You can express your displeasure at the polls in November!
