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Education department forgives student loans for 21,200 borrowers: New changes explained
The Education Department had announced loan forgiveness for more than 21,200 borrowers.
According to new court filings, the loan forgiveness comes under income-driven repayment plans.
However, this relief is short-lived as sweeping changes to the student loan system take effect.
March discharges will consist of 800 PAYE borrowers, 9,900 ICR borrowers, and 10,500 IBR borrowers. All income-driven discharges except those under the SAVE plan are being processed. The SAVE program will be discontinued as soon as possible.
But borrowers who get forgiveness in 2026 have to face new changes.
Student loan discharge is now taxable again. As the American Rescue Plan Act’s tax exemption expired on December 31, 2025, Congress declined to extend it.
This means no matter whether the portion of the loan is forgiven or cancelled, the IRS still treats that forgiven amount as taxable income.
Authorities decide to exempt those who met their repayment milestone before January 1, 2026.
As per new changes, the SAVE plan is ending, and borrowers who were enrolled in it have a deadline till July to switch to another plan.
Those who will fail to switch will automatically be placed into a Standard plan.
From July onwards, the new Repayment Assistance Plan (RAP) will come into effect, allowing for lower payments each month, as well as interest subsidies. However, the borrower has to make payments for at least 30 years before getting any forgiveness, which is more than double the 20 or 25 years currently required by the existing programs.
Students who have taken out a loan from July onwards are no longer eligible for PAYE, ICR, and IBR programs. Instead, their only choice would be RAP.
The scenario is not very different for the estimated 2 million students who are about to graduate this spring. The grace period remains the same at six months.
(Spoilers ahead) “CBS Mornings” speaks with the latest eliminated contestant from “Survivor 50” about exiting the game, strategy and transitioning to the jury.
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Summer House is starting to feel a bit uncertain for fans, as talk of big changes around the show continues to spread.
Many people thought the show might be getting cancelled but that is not exactly what is happening.
Instead, it looks like the makers are thinking of changing things in a big way rather than ending it completely.
The house in the Hamptons, which has always been at the centre of the show, might no longer be used and there are talks about shifting to a new place with a different setup.
There is also a chance that the cast could change, which means the show may not feel the same as before.
At the same time, some familiar faces like Kyle Cooke, Amanda Batula and Lindsay Hubbard are already moving towards a new Bravo show called In the City, which is set to come out soon.
Because of all this, fans are unsure about who will return and what the show will look like next.
For now, it is not cancelled, but it is clearly going through a big change and things may not be the same as before.
Prince William visited the Jaguar TCS Racing Formula E Team in Kidlington, Oxfordshire on Thursday coinciding with his younger son Prince Louis of Wales’s 8th birthday.
The royal was welcomed by team members before beginning his tour in the trophy room, where Jaguar’s growing success in the Formula E Championship was on full display.
The visit then moved into the heart of operations, where cutting-edge technology and precision engineering power Jaguar’s race-day performance.
William met Portuguese racing star António Félix da Costa, the 2019-20 Formula E World Champion.
The driver walked him through the details of the car, offering insight into the speed, strategy, and split-second decisions that define the sport.
Then came the moment everyone was waiting for as the Prince climbed into the cockpit himself.
At 6ft 4in, it wasn’t exactly a seamless fit, but that didn’t stop him from settling behind the wheel and getting a feel for the tight, tech-packed space drivers call home.
One engineer joked that only one of their current drivers, Jake Dennis, comes close in height and even he barely fits.
Still, William’s willingness to give it a go earned plenty of appreciation, especially given how physically demanding it is just to get in and out of the car.
The visit also tells the broader mission behind Formula E, combining elite motorsport with sustainability and innovation.
Jaguar TCS Racing has been at the forefront of this push, using racing as a testing ground for electric vehicle technology that can eventually influence everyday road cars.
Warner Bros shareholders approve Paramount’s $111bn takeover
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‘Summer House’ is going to get cancelled? details revealed
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