The Education Department will reject nearly a half-million applications from people seeking to make lower payments on their student loans, according to internal documents obtained by POLITICO.

They also want to streamline other IDR plans down to two options for loans that originated after June 30, 2024. Lawmakers estimate this would save $127.3 billion over 10 years.

One such local was 55-year-old Muhammad Ijaz, who had applied for a small loan of Rs15,000 through a loan application and ended up with severe mental trauma.

By next summer, new borrowers will have just two repayment options, streamlining the previous menu to pay off ...

Additionally, the overall average loan size at $380,200 was the lowest since January 2025.” The adjustable-rate mortgage (ARM) share of activity decreased to 7.1% of total applications.

Applications for home purchases, which have been slow amid a stagnant market, also increased 38 percent during the week. Refinance volume accounted for 69.1 percent of all applications, up from 49 ...

It will kick back in on Aug. 1 for people in the SAVE repayment program, whose payments have been on hold since last summer.

A 2023 survey found that 52% of Black borrowers carried at least $25,000 in student loan debt from their own education, compared to 41% of White borrowers and 37% of Hispanic borrowers.