The Department of Education has paused the Income Based Repayment plan in another significant move that alters the student loan repayment process.

There are an estimated 2 million borrowers who are currently enrolled in IBR. Many of them are approaching forgiveness but face delays and may still be required to make monthly payments even if they qualify for forgiveness.

You don't have to switch by Aug. 1, but interest will start accruing on your loans on the SAVE plan. Here are your options.