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The U.S. Department of Education is implementing a one-time IDR Account Adjustment for federal student loan borrowers. This adjustment relates to income-driven repayment (IDR) plans, which include four main options: SAVE, PAY, IBR, and ICR. These plans typically offer forgiveness after 10 to 25 years of repayment. Many borrowers previously missed out on proper credit towards IDR forgiveness and Public Service Loan Forgiveness due to inadequate tracking. The IDR Account Adjustment allows borrowers to receive retroactive credit for payment months, even if they were not on an IDR plan or in active repayment. Additionally, borrowers can apply their highest payment credit from one loan to others with different payment histories, potentially aiding in forgiveness eligibility.
