PAYE and ICR student loan plans reopen: Should you enroll?

By Eliza Haverstock, NerdWallet

As of Dec. 16, federal student loan borrowers can once again enroll in two income-driven repayment plans — Paye as You Earn (PAYE) and Income-Contingent Repayment (ICR), according to an Education Department spokesperson.

The department previously closed all new PAYE enrollment (and limited ICR enrollment) in July 2024. Under current Education Department guidance, the plans will accept enrollment until July 1, 2027. Like all income-driven repayment (IDR) options...