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What is the immediate impact of the Biden administration's decision to reinstate PAYE and ICR student loan repayment plans?

The Biden administration reinstated the Pay As You Earn (PAYE) and Income Contingent Repayment (ICR) student loan repayment plans, following legal challenges to the SAVE plan. However, due to ongoing lawsuits, some plan features may be unavailable and processing times are delayed, potentially taking over 8 weeks. Borrowers whose applications aren't processed within 60 days will be placed in a general forbearance where interest won't accrue.