A barrier to enrollment for a key student-loan repayment plan could soon be gone.
The Department of Education said in updated guidance posted to Federal Student Aid’s website that it’s moving forward with implementing some student-loan repayment provisions in President Donald Trump’s “big beautiful” spending legislation.
The latest update pertains to the eligibility requirements for income-based repayment plans. Prior to Trump’s spending legislation, IBR plans, which give borrowers monthly payments based on their incomes with forgiveness after 20 or 25 years, had to demonstrate partial financial hardship. It required that a borrower’s monthly payment based on their income is less than the amount needed to pay…