![]() ![]() Ford Federal Direct Loan (Direct Loan) Program and federally owned Federal Family Education Loan (FFEL) Program loans are eligible. Source: The Institute for College Access & Success (TICAS) Who is eligible for the one-time IDR payment adjustment?īorrowers with William D. The Education Department clarified this month that the adjustment will look at loans in repayment since July 1, 1994, that are still owed by the borrower or included in a consolidation loan by the borrower. The adjustment to student loan accounts would go toward helping borrowers get closer to discharge under income-driven repayment plans, which offer discharge after 20 or 25 years of repayment, depending on the particular IDR plan. The one-time payment adjustment helps to reverse some of the damage caused by loan servicers that did not properly track deferments or steered borrowers to forbearance instead of income-driven repayment plans that would have counted toward years of payment. In April 2022, the Education Department announced the one-time payment adjustment for all Direct Loans and federally-owned Federal Family Education Loans (FFELs). ![]() ![]() (Photo credit should read ROBYN BECK/AFP/Getty Images) What is the one-time payment adjustment? A graduating student wears a money lei, a necklace made of US dollar bills, at the Pasadena City College graduation ceremony, June 14, 2019, in Pasadena, California. ![]()
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