Trump administration will forgive student loans only for these borrowers: Here’s what you should know

Student loan borrowers in the Income Contingent Repayment plan (ICR) and Pay as You Earn plan (PAYE) can once again access debt forgiveness under the Trump plan. The US Department of Education resumed cancellations after an agreement with the American Federation of Teachers. Borrowers should act quickly, maintain payment records, and note that ICR and PAYE will phase out on July 1, 2028. Eligible borrowers may also consider switching to RAP or a revised Standard Plan.

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