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Put in place multiple opportunities to engage with struggling borrowers. To more easily access income-driven repayment plans, borrowers will need to agree to having their data shared. Questions remain as to how and when they will give this approval. For example, can borrowers provide approval only when applying for income-driven repayment, or also during other interactions across the loan life cycle, such as the new Annual Student Loan Acknowledgment or when leaving school during exit counseling?62

Recent Pew research indicates that a significant share of borrowers interact with the repayment system in more than one way, such as by requesting, being placed in, or retroactively using loan deferments or forbearances.63 Some, however, do not engage before falling behind on loan repayment or in periods of financial stress. This suggests opportunities for engaging with struggling borrowers, both before and after they leave school.

[midwekpymroode]

midweekpay promo code

midweekpay promo code

Put in place multiple opportunities to engage with struggling borrowers. To more easily access income-driven repayment plans, borrowers will need to agree to having their data shared. Questions remain as to how and when they will give this approval. For example, can borrowers provide approval only when applying for income-driven repayment, or also during other interactions across the loan life cycle, such as the new Annual Student Loan Acknowledgment or when leaving school during exit counseling?62

Recent Pew research indicates that a significant share of borrowers interact with the repayment system in more than one way, such as by requesting, being placed in, or retroactively using loan deferments or forbearances.63 Some, however, do not engage before falling behind on loan repayment or in periods of financial stress. This suggests opportunities for engaging with struggling borrowers, both before and after they leave school.

[midwekpymroode]

midweekpay.com promo code

midweekpay.com promo code

Many focus group participants across categories reported that income-driven plans are difficult to both get into initially and stay enrolled in because the application and recertification processes are overly complicated, requiring extensive and repeated documentation. As described earlier in this report, the FUTURE Act has the potential to help streamline the burdensome and duplicative documentation requirements for income-driven repayment plans and is an important step forward.

The act requires that the secretaries of Education and Treasury submit regular reports to Congress on implementation status, but it includes no effective date and leaves much of the process at the discretion of these agencies. To successfully deliver on the legislation’s promise, Congress, the Education Department, and the IRS should ensure that five key issues are addressed.61 Implementation should