<br><div><aside class="gnt_em gnt_em__fp gnt_em_vp__tp gnt_em__el" aria-label="Video - New student loan repayment program coming for millions of Americans"/><p class="gnt_ar_b_p">Student loan borrowers in an <a target="_blank" href="http://www.usatoday.com/story/news/education/2023/10/21/bidens-save-student-loan-plan-winners-losers/71256575007/" data-t-l=":b|e|k|${u}" class="gnt_ar_b_a" rel="noopener">income-driven repayment plan</a> will get to keep lower monthly payments a little longer because the deadline to recertify your income has been pushed back.</p><p class="gnt_ar_b_p">The Department of Education (ED) <a target="_blank" href="https://studentaid.gov/announcements-events/idr-recertification-extended" data-t-l=":b|e|k|${u}" class="gnt_ar_b_a" rel="noopener">said</a> IDR borrowers won't have to recertify their incomes, or provide their latest income information, until "late September 2024, at the earliest." Previously, ED said recertification could come <a target="_blank" href="http://www.usatoday.com/story/news/nation/2023/09/01/student-loan-payments-restart-with-pause-over-how-you-should-prepare/70722264007/" data-t-l=":b|e|k|${u}" class="gnt_ar_b_a" rel="noopener">as soon as March 1</a>. Annual recertification is typically within a year of choosing an IDR plan as one of your repayment options, so borrowers’ recertification dates vary.</p><p class="gnt_ar_b_p">The delay means monthly payments will likely stay relatively low. Monthly IDR payments are based on a borrower’s annual income, and borrowers <a target="_blank" href="http://www.usatoday.com/story/money/personalfinance/2023/12/16/student-loan-consolidation-last-call/71930938007/" data-t-l=":b|e|k|${u}" class="gnt_ar_b_a" rel="noopener">haven’t had to recertify income</a> since before the pandemic. That means many borrowers on any IDR plan are making payments based on their 2019 income. Most borrowers likely have higher income now after the past two <a target="_blank" href="http://www.usatoday.com/story/money/2022/04/12/inflation-rate-cpi-highest-40-years-prices/7284054001/" data-t-l=":b|e|k|${u}" class="gnt_ar_b_a" rel="noopener">years of high inflation</a> and a <a target="_blank" href="http://www.usatoday.com/story/money/2024/02/02/jobs-report-january/72443647007/" data-t-l=":b|e|k|${u}" class="gnt_ar_b_a" rel="noopener">strong jobs market</a>.</p><aside aria-label="advertisement" class="gnt_m gnt_x gnt_x__lbl gnt_x__al"/><p class="gnt_ar_b_p">The extension is “part of our continued support for borrowers as they return to repaying student loans,” ED said.</p><h2 class="gnt_ar_b_mt">What if I’ve already recertified?</h2><p class="gnt_ar_b_p">Many borrowers likely received notifications from their loan servicers over the past few months and may have already recertified.</p><p class="gnt_ar_b_p"><strong>Learn more:</strong> <a target="_blank" rel="noopener" data-t-l=":body nav (pl)|e|auto spike click:7|${u}" class="gnt_ar_b_a" href="https://www.usatoday.com/money/blueprint/personal-loans/best-personal-loans/">Best personal loans</a></p><aside aria-label="advertisement" class="gnt_m gnt_x gnt_x__lbl gnt_x__al"/><p class="gnt_ar_b_p">If you recertified and your payment rose, “we will return you to your previous monthly payment amount until your new recertification deadline,” ED said.</p><p class="gnt_ar_b_p">If your payment remained the same or...</p></div> <style> .wrapper { text-align: center; } </style> <div class="wrapper"> <a class="button" href ="https://www.usatoday.com/story/money/personalfinance/2024/03/07/idr-recertification-date-extended/72882924007/">Read more <span>➤</span></a> </div>