One of the Department of Education’s major student loan servicers has issued an updated notification clarifying that certain borrowers who have already applied for income-driven repayment should now consider submitting a new application to hasten processing. The revised guidance followed a more ambiguous announcement the servicer made earlier this month.
The statement by MOHELA comes as the IDR application system is under enormous strain. IDR plans, which are a type of federal student loan repayment option that provides borrowers with monthly payments based on their income and a path to eventual student loan forgiveness, have been…
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