Stock: New Repayment Plans Post-SAVE for Borrowers - IBR, PAYE, ICR, and REPAP

[Para 1: The Lead] Starting July 1, 2026, student loan borrowers previously on the SAVE repayment plan will transition to new income-driven repayment options: IBR, PAYE, ICR, and REPAP. The Department of Education has eliminated the SAVE plan, impacting 7.4 million borrowers. Immediate action is required to avoid delinquency or default. [Para 2-3: Supporting details & Context] Borrowers can use the Federal Student Aid Loan Simulator to compare repayment plans. IBR, PAYE, and ICR calculate payments based on discretionary income, with PAYE and ICR offering 10% and 20% of income, respectively, divided by 12. REPAP introduces a 15% discretionary income percentage, potentially lower for some borrowers. PAYE and ICR offer loan forgiveness after 20 and 25 years, respectively, for eligible borrowers. IBR and PAYE are available to all borrowers who took out loans on or after July 1, 2014. Eligibility for REPAP is contingent on borrowing post-2007 and not using Parent PLUS loans. Payments under these plans will never exceed what the borrower would pay under a 10-year standard plan, ensuring affordability and manageable debt reduction.