Student loan borrowers get three more years to enroll in income-based repayment plans

The US Education Department extended the deadline for student loan borrowers to enroll in income-based repayment plans. Borrowers now have until July 1, 2027, to sign up for these plans, instead of July 1, 2024. This buys the department time to fix its other repayment plans, which a court recently blocked.

Millions of student loan borrowers were about to lose access to repayment plans that tie their monthly payments to their income. This extension means they can keep those lower payments for another three years. It also gives the Education Department a chance to redesign its long-term repayment options without cutting off borrowers in the short term.