Federal Student Loan Information and Resources
The guidance on this page is designed for borrowers with existing federal student loans who may be affected by recently enacted legislation.
Senator Reverend Raphael Warnock and his office remain deeply committed to supporting Georgians with student loans. If you need assistance from Senator Warnock’s office or have other questions, please contact our office here and find available services here.
This information below was last updated on July 29, 2026. Please note guidance from different Federal agencies is always subject to change.
Table of Contents
- Loan Repayment Plans
- SAVE Plan
- ICR Plan
- IBR Plan
- Standard Repayment Plan
- New Loan Repayment Plans
- Public Service Loan Forgiveness Program
- Federal Student Loan Types
- Grad PLUS Loans
- Federal Direct Unsubsidized Loans
- Parent PLUS Loans
- Frequently Asked Questions
- Helpful Tips
- Additional Reminders
- Helpful Resources
- Contact Information
Loan Repayment Plans
Starting on July 1, 2026, federal student loans underwent a major overhaul under the One Big Beautiful Bill Act.[1]
The changes primarily affect borrowers enrolled in Income-Driven Repayment (IDR) plans, which set monthly payments based on a borrower’s income.
Currently, there are four versions of IDR plans:
SAVE (Saving on a Valuable Education)
ICR (Income-Contingent Repayment)
PAYE (Pay As You Earn)
IBR (Income-Based Repayment)
SAVE Plan
What do I do if I’m currently enrolled in a SAVE Plan?[2]
As you may know, the SAVE plan is no longer available. Starting on July 1, 2026, student loan servicers will begin notifying you of how to enroll in a different repayment plan. Once you are officially notified by your servicer, a 90-day window to select and enroll in a new repayment option will begin. The 90-day countdown will not start until the servicer has successfully issued this formal notification to you.[3]
If you don’t switch your plan within a 90-day period after the notice, you will automatically be enrolled in the Standard Repayment Plan or the new Tiered Standard Plan.[4]
If you’re currently enrolled in a SAVE Plan, we recommend that you reach out to your loan servicer regarding the notification. We also encourage you to learn about other repayment plans via Department of Education’s website.
Do I need to consolidate my loans to switch from SAVE plan to a different plan?
No. You can switch from the SAVE plan to another eligible repayment plan without consolidating your loans.[5]
Now that SAVE has been eliminated, will my monthly payment increase?
Possibly. You may see higher monthly payments once you switch plans, compared to what you paid under the SAVE plan, based on your income, family size, loan balance, and repayment plan you enroll in.[6] It is recommended that you use the repayment calculator to get a better sense of what you monthly payment will be.
Will my loans under the SAVE plan continue to accrue interest?
Yes. Interest started accruing on loans enrolled in the SAVE plan starting in August 2025.[7] We recommend that you review your account statements to understand how interest affects their loan balances.
ICR Plan
What do I do if I’m currently enrolled in an ICR[8] or PAYE Plan[9]?
As you may know, ICR and PAYE Plan will be eliminated on July 1, 2028.[10] If you did not borrow a new loan on or after July 1, 2026, you have access to ICR and PAYE plan until July 1, 2028.
If you fail to switch to another federal student repayment plan by July 1, 2028, you will automatically be enrolled in Repayment Assistance Plan (RAP) or Income-Based Repayment (IBR) repayment plans with no opportunity to choose which one you’ll enroll in.[11] At that point, all Direct Loans except Parent PLUS Loans and excepted Consolidated Loans[12] will be enrolled in the Repayment Assistance Plan (RAP) plan,[13] and Parent PLUS Loans and excepted Consolidated Loans will be enrolled in the IBR plan.[14]
We encourage you to explore different repayment plans and check which repayment plan would require a lower monthly payment.
Can I enroll in ICR or PAYE Plan if I’m a new or current borrower?
If you took out a loan on or after July 1, 2026, you are not eligible for PAYE or ICR.[15]
However, if you did not take out a loan on or after July 1, 2026, you can enroll in the PAYE or ICR plan by July 1, 2027.[16] As a reminder, ICR and PAYE will expire on July 1, 2028, so you would need to select another repayment plan by June 30, 2028.
IBR Plan
Do I need to take any actions if I’m currently enrolled in an IBR plan?
No actions need to be taken at this time if you’re already enrolled in an IBR plan.
Can I enroll in an IBR Plan if I’m a new or current borrower?
You can only enroll in an IBR plan if your loans were disbursed before July 1, 2026.[17] In other words, you are not eligible for the IBR plan if you borrow new loans on or after July 1, 2026.[18]
If you would like to switch to the IBR plan, you must enroll in the plan before July 1, 2028.[19]
Standard Repayment Plan
Can I enroll in a Standard Repayment Plan[20] if I’m a new or current borrower?
You can only enroll in a Standard Repayment Plan if your loans have been disbursed before July 1, 2026. You are not eligible for the Standard Repayment Plan if you borrow new loans on or after July 1, 2026.[21]
New Loan Repayment Plans
What are the available loan repayment plans if I’m planning to take out new loans on or after July 1, 2026?
If you take out new loans on or after July 1, 2026, you will be limited to the RAP or Tiered Standard Plan,[22] with RAP being the only income-driven repayment option.
This applies to new borrowers AND existing borrowers who take out new loans. Even if you are a current borrower, if you take out a new loan on or after July 1, 2026, you will have to pay all your Direct Loans through one of these two plans.[23]
If you consolidated your existing loans on or after July 1, 2026, you will also be limited to RAP or Tiered Standard Plan.[24]
Will forgiveness transfer when I switch from existing income-driven repayment plans to new income-driven repayment plans?
Yes. Qualifying payments made under SAVE, PAYE, IBR, or ICR plans will count towards forgiveness in the new income-driven payment plan.[25]
The table below compares the Tiered Standard Repayment Plan and the Repayment Assistance Plan to the SAVE plan, which is no longer available:
| Tiered Standard Plan | RAP Plan | SAVE Plan(This program has been eliminated) | |
| How it is Calculated | Fixed payments determined by your total loan balance and the standard term.[26] | Income-driven (1% to 10% of your Adjusted Gross Income, minus $50 per dependent).[27]It bases your payments on what you earn, not how much you owe. | Calculated payments using your family size, your Adjusted Gross Income (AGI) from your federal tax return, and whether your loans are for undergraduate or graduate studies.[28] It bases your payments on what you earn, not how much you owe. |
| Payment Term Lengths | 10 years: For borrowers who owe less than $25k when they enter repayment 15 Years: For borrowers who owe between $25k – $49,999 when they enter repayment 20 Years: For borrowers who owe between $50k –$99,999 when they enter repayment 25 Years: For borrowers who owe $100k+ in student loans when they enter repayment[29] |
30 years for borrowers to repay their student loans regardless of the amount borrowed.[30] | 10 Years: For borrowers who originally borrowed $12,000 or less.10–20 Years: For balances between $12,000 and $21,000 (scaled by one additional year of payments per extra $1,000 borrowed).20 Years: For borrowers who originally borrowed greater than $21,000. This was only available for undergraduate loans. 25 Years: For borrowers who originally borrowed greater than $21,000. This was only available if any of the loans were for graduate school[31] |
| Minimum Payment | $50 per month or outstanding balance (if the amount owed is less than $50)[32] | $10 per month[33] | $0 per month for qualifying borrowers[34] |
| Interest and Balance Growth | Monthly payment may not be less than the amount of accrued interest, since payment for Tiered Standard Plan is based on loan balance. | Monthly payment may be less than the amount of accrued interest, since payment for RAP is based on income. As a result, unpaid interest can be waived and, in some cases, includes principal matching payments to lower the balance[35] | Unpaid interest was waived entirely to prevent the balance from growing[36] |
| Forgiveness Options | There are no forgiveness options under this plan (the loan will be paid in full at the end of the term)[37] | The remaining balance is forgiven after 30 years[38] | The remaining balance was forgiven following the end of the repayment term length (e.g., after 10-25 years, depending on the amount borrowed and degree level for which it was borrowed).[39] |
| Public Service Loan Forgiveness (PSLF)Eligibility | Borrowers are not eligible for PSLF[40] | Borrowers are eligible for PSLF. Borrowers will receive forgiveness after 120 payments.[41] | Borrowers are eligible for PSLF. Borrowers will receive forgiveness after 120 payments [42] |
Public Service Loan Forgiveness Program
Are there any changes to the Public Service Loan Forgiveness Program?
The Public Service Loan Forgiveness (PSLF) program will remain active for borrowers enrolled in income-driven repayment plans like IBR, ICR, PAYE, and RAP, as well as the Standard Repayment Plan. It will also be active for new borrowers with loans taken out on or after July 1, 2026.[43] However, PSLF will not be active for student borrowers under the Tiered Standard Plan.[44]
Grad PLUS Loans
What changed for the Grad PLUS loans?
Grad PLUS Loans will be eliminated on July 1, 2026. You will not be able to access this program if you are a new borrower. However, if you borrowed any type of Direct Loan for your program of study[45] before July 1, 2026, and are currently enrolled in the same program of study at the same school, you can enroll in the Grad PLUS loans up to three years or until you complete your degree, whichever comes first. .[46] For example, if a Master of Business Administration Student at the University of Georgia(UGA) borrowed a Direct Loan before July 1, 2026, for their study, and is currently enrolled in the same program at UGA, they will be able to enroll in the Grad PLUS Loan program, regardless of whether they took out the Grad PLUS loans in the past. On the other hand, if the student did not borrow a Direct Loan for their study prior to July 1, 2026, or changed to a different program of study at UGA, they will not be able to enroll in the Grad PLUS loan program.
Federal Direct Unsubsidized Loans
Are there new loan limits for graduate and professional degrees? Am I subject to new loan limits, if I’m planning to enroll in a graduate or professional program?
The answer is yes to both questions. There are new loan limits for graduate and professional degrees, and you will be subject to these limits if you’re planning enroll in a graduate or professional program. The One Big Beautiful Bill Act established new federal student loan limits for graduate and professional degrees. Graduate programs will face a yearly limit of $20,500 and an aggregate cap of $100,000, while professional degrees will be capped at $50,000 annually with an aggregate limit of $200,000.[47]
However, on June 24, 2026, a U.S. District Court temporarily blocked the Department of Education from implementing the definition of professional degree.[48] As a result, some graduate degrees may be considered as professional degrees for the purposes of the loan limits at least for the duration of the injunction.
Am I subject to new loan limits if I’m already enrolled in a graduate or professional degree program?
If you enrolled in your graduate or professional degree program as of June 30, 2026, and received any type of Direct Loans for the program before July 1, 2026, you are exempt from these new loan limits. You will not be subject to new loan limits for up to three years or until you finish the degree, whichever comes first.[49] This is true regardless of the ongoing litigation on federal student loan limits for graduate and professional degrees.
Am I subject to new loan limits if I’m a part-time graduate or professional student?
Federal law now requires federal loans to be prorated (reduced proportionally) for part-time students in the upcoming school years. If you are a part-time student, it is highly recommended that you contact your school’s financial aid office to see exactly how your funding will be affected.[50]
Are there any loan limits for undergraduate loans?
Undergraduate loans will be subject to new lifetime loan limits.[51] If you borrowed Parent PLUS loans for undergraduate studies, you may also be subject to new Parent PLUS loans under certain circumstances. Please see Parent PLUS section for more information.
| Federal Direct Unsubsidized Loans[52] | ||
| Types of Degrees | Before OBBBA | After OBBBA |
| Graduate Degrees | $20,500 annual loan limit (except individuals enrolled in certain ED-designated programs, such as Doctor of Allopathic Medicine and Doctor of Dentistry, were allowed to borrow above the limit).[53] $138,500 lifetime loan limit (including undergraduate loans).[54] | $20,500 annual loan limit $100,000 aggregate loan limit (does not include undergraduate loans)_ |
| Professional Degrees | $50,000 annual loan limit $200,000 aggregate loan limit (does not include undergraduate loans) | |
| All Levels of Degrees | Lifetime loan limit for all levels of degrees did not exist prior to the OBBBA. | $257,500 lifetime loan for all Federal Direct student loans including Grad PLUS loans (except Parent PLUS loans) |
Parent PLUS Loans
Starting July 1, 2026, the government is putting a cap on how much money parents can borrow through Parent PLUS loans.[55]
· Every Year: You can only borrow up to $20,000 per child.
· Lifetime Cap: You can only borrow a total of $65,000 per child.
If your child is enrolled at a 4-year college and you borrow the maximum amount every year, it is possible that you hit the $65,000 lifetime limit before they graduate. You will need a different way to pay for their final year.
Can I switch from Parent PLUS Loans to ICR or IBR?
If you consolidated your Parent PLUS loans prior to July 1, 2026, and did not borrow new loans after July 1, 2026, you are able to enroll in the Income-Contingent Repayment (ICR) or the Income-Based Repayment plan (IBR).
However, if you would like to enroll in an IBR plan, you must first enroll in an ICR plan and make at least one payment under the plan before July 1, 2028. Then, you must enroll in the IBR plan by June 30, 2028.[56]
If you’ve consolidated your Parent PLUS loan or borrowed any type of new Direct Loan on or after July 1, 2026, you are not eligible for income-driven repayment plans or the Public Service Loan Forgiveness (PSLF) program. Parent PLUS loans (including consolidated loans containing Parent PLUS loans) will only be eligible for the Tiered Standard Plan. Your new non-Parent PLUS loans (including consolidated loans that don’t contain Parent PLUS loans) will only be eligible for Tiered Standard Plan and RAP Plan.[57]
Because of these strict new rules, if remaining eligible for public service forgiveness is important to you, it is highly recommended that you explore alternative financing options to fund your student’s education.
Additional Reminders
· Make sure to research different federal student loan plans before you commit to one. You can compare plan options using the Federal Student Aid Loan Simulator here.
· Explore grant opportunities, scholarships, and work-study to avoid private loans. Compared to federal student loans, private loans do not offer income-based repayment plans or forgiveness options and may have higher interest rates and lower borrower protection than federal student loans.
· If you think your loans may be in default, you can check the loan status by logging into studentaid.gov. While federal collection activities are paused as of July 1, 2026, they may resume in the future.[58] You can also receive assistance from legal aid offices in Georgia. You can find the list of available offices here.
· Federal student loan borrowers can secure a temporary 1.0% interest rate reduction by enrolling in automatic payments. To lock in this enhanced discount, you must log in to your loan servicer account and enroll by September 30, 2026. The rate cut will remain in effect through June 30, 2028, helping to lower the total amount of interest accrued on a loan over its lifetime and pay down your principal balance faster. If you are already enrolled in auto-pay, your servicer will apply this 1.0% reduction to your account automatically—no further action is required on your part.[59]
· Make sure you have a profile with studentaid.gov and update your contact information. This will ensure you receive adequate updates regarding the federal student loan programs on a timely manner via phone, email, and mailing address.
Helpful Resources
Please note the Office of Senator Warnock did not create any of the materials below.
- Student Debt Crisis Center
- National Consumer Law Center
- Student Loan Repayment Calculator
- Congressional Research Service Reports
Contact Information
- Casework Team information
- If you need assistance from Senator Warnock’s office or have other questions, please contact our office hereand find available services here.
- Loan Servicers
Reminder: The guidance above from Federal agencies is always subject to change.
[1] https://studentaid.gov/announcements-events/big-updates
[2] The Saving on a Valuable Education (SAVE) plan is an income-driven repayment program that bases monthly student loan payments on a borrower’s income and family size.
[4] Id.
[5] https://www.studentdebtcrisis.org/post/navigating-student-loan-changes-what-borrowers-need-to-know
[6] https://studentloanborrowerassistance.org/the-save-plan-is-ending-what-borrowers-in-save-need-to-know/
[7] https://studentloanborrowerassistance.org/whats-happening-with-the-save-plan/
[8] The Income-Contingent Repayment (ICR) Plan is a federal student loan repayment option that bases the your monthly bill on your income, family size, and total loan balance. Under ICR plan, you will pay whichever is less: 20 percent of your discretionary income or what you would pay on a fixed 12-year repayment period, adjusted according to your income.[8] While the plan may offer lower monthly payments than a Standard Plan, it may require a higher amount of total interest you pay over time. However, any remaining balance you still owe will be forgiven after 25 years of qualifying payments.[8]
[9] Pay As You Earn (PAYE) is a federal student repayment option that caps your monthly payment at 10 percent of your discretionary income.[9] These lower payments mean it may take longer to repay a borrower’s debt; however, any remaining balance a borrower owes will be forgiven after 20 years of qualifying payments.[9]
[10] https://www.nasfaa.org/uploads/documents/Federal_Student_Aid_Change_OB3.pdf
[12] Please visit the page here for the definition of excepted Consolidated Loans: https://www.ecfr.gov/current/title-34/subtitle-B/chapter-VI/part-685/subpart-B/section-685.209#p-685.209(c)(7)(iii)
[13] Starting July 1, 2026, you can enroll in the Repayment Assistance Plan, a new income-driven student loan repayment plan that scales monthly payments based on adjusted gross income.[13] Payments start at a $10 minimum and increase by 1% for every $10,000 earned, capping at 10% for incomes over $100,000, while offering a $50 monthly discount per child for families with dependents. To keep debt from growing, the plan covers unpaid interest and provides an interest subsidy to those that repay less than $50 each month in total principal.[13] Any remaining balance a borrower owes may be forgiven after 30 years (360 payments).
[14] Income-Based Repayment (IBR) is a federal student loan repayment option that bases one’s monthly payment on their income and family size, rather than their loan balance.[14] IBR may lead to lower monthly payments compared to standard repayment plan, especially for those with high debt relative to income.[14] After a set period (20 or 25 years depending on when one took the loans), any remaining balance may be forgiven.[14]
[15] https://www.congress.gov/crs-product/IG10093?hl=zota&s=4&r=1
[17] https://ticas.org/affordability-2/upcoming-changes-to-income-driven-repayment-plans/
[18] https://studentaid.gov/manage-loans/repayment/plans/standard
[19] https://www.tateesq.com/learn/income-based-repayment
[20] The standard repayment plan is the basic default option for federal student loans. Under this plan, you make fixed, equal monthly payments over a set period of 10 years (or up to 30 years for consolidated loans). Each payment covers both the interest that accumulates and a portion of your principal balance. https://studentaid.gov/manage-loans/repayment/plans/standard
[21] https://studentaid.gov/manage-loans/repayment/plans/standard
[22] Starting on July 1, 2026, you can enroll in the Tiered Standard Plan.[22] Similar to the standard repayment plan, the new Tiered Standard Plan requires you to make equal monthly payments covering both the loan principal and interest over a set period. However, unlike the standard repayment plan, the total length of the repayment period will vary based on the specific amount of debt owed.[22]
[24] Id.
[26] https://nelnet.studentaid.gov/content/faq/faqtsplan
[27] https://studentaid.gov/manage-loans/repayment/plans/income-driven/
[28] https://www.tateesq.com/calculator/save-plan
[29] https://nelnet.studentaid.gov/content/faq/faqtsplan
[30] https://edfinancial.studentaid.gov/income-driven-repaymentinformation-center/rap
[32] https://studentaid.gov/announcements-events/big-updates/definitions#tiered-standard
[33] https://edfinancial.studentaid.gov/income-driven-repaymentinformation-center/rap
[35] https://edfinancial.studentaid.gov/income-driven-repaymentinformation-center/rap
[37] https://cri.studentaid.gov/content/repaymentoptions
[38] https://studentaid.gov/announcements-events/big-updates
[40] https://cri.studentaid.gov/content/repaymentoptions
[41] Id.
[43] https://www.cnbc.com/2026/07/01/trumps-limits-on-student-loan-forgiveness-program-blocked.html
[44] https://studentaid.gov/manage-loans/forgiveness-cancellation/public-service
[45] If borrowers took out any type of Direct Loan for the program of study before July 1, 2026, and are currently enrolled in the same program of study at the same school, they can enroll the Grad PLUS program. https://finaid.org/loans/gradplus/
[46] https://studentaid.gov/understand-aid/types/loans/plus/grad
[47] https://www.nasfaa.org/uploads/documents/OB3_What_Graduate_Students_Need_to_Know.pdf
[49] https://studentaid.gov/announcements-events/big-updates
[50] https://sfs.harvard.edu/changes-federal-student-loans
[51] https://sfs.harvard.edu/changes-federal-student-loans
[52] https://fsapartners.ed.gov/sites/default/files/2026-05/FrequentlyAskedQuestionsLoanLimits.pdf
[54] https://www.nasfaa.org/uploads/documents/OB3_Loan_Changes_Brief.pdf
[55] https://www.nasfaa.org/uploads/documents/OB3_PPLUS_Changes_Current_Parent_Borrowers.pdf
[56] https://studentaid.gov/announcements-events/big-updates
[57] Id.
[58] https://studentaid.gov/manage-loans/default/collections; https://ticas.org/affordability-2/reconciliation-2025-borrower-faqs/
[59] https://studentaid.gov/announcements-events/auto-pay-interest-rate-reduction