Many student loan borrowers could soon have access to lower monthly payments, as the U.S. Department of Education finishes implementing changes to one of its repayment plans .

Previously, borrowers needed to prove a "partial financial hardship" — or income below a certain level — to get into the Income-Based Repayment plan, or IBR. But President Donald Trump's "big beautiful bill" waived that requirement, and the change should be widely available in December, according to a recent update on the Education Department's website.

"In the meantime, servicers will hold IBR applications that would otherwise be denied," the guidance says.

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