8 million student loan borrowers must do this in 2020 to avoid paying more each month
KANSAS CITY, Mo. — Income-driven repayment plans help more than 8 million federal student loan borrowers afford their monthly payments.
But these borrowers can still run into trouble if they don’t update, or recertify, their income information on time annually.
Missing this deadline can increase your monthly payments and the total you repay.
New legislation will let you opt in to automatic recertification. But you need to stay on top of your recertification deadline until that process goes into effect.
You can do this by watching for messages from your servicer, setting your own deadline reminders and applying early and online at studentaid.gov.