Borrowers that had a balance on a federal loan on October 1, 2007.
(Most Likely on the Old IBR Plan)
If you borrowed all of your student loans before October 1, 2007—and haven't borrowed again since—you're part of a group that's largely unchanged by the new HR 1 law. You’re likely on the original Income-Based Repayment (IBR) plan, and the new law does not eliminate or alter this plan for borrowers in your situation.
First Borrowed After Oct, 1, 2007 but before July, 1 2014
(Most Likely on the PAYE Plan)
You’re part of the group most affected by the new HR 1 law. The PAYE plan you likely enrolled in is being phased out, and new enrollment is already closed. Depending on your situation, you may be moved to a different repayment plan like IBR or RAP, with potentially less favorable terms.
Borrowed first federal loans between July 1 2014 and June 30 2026
You’re in the “new borrower” cohort that can keep New IBR (10 % of discretionary income, 20/25-year forgiveness) or, switch to the new RAP. Things didn't change for you either other than having a new option.