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The new plan improves on an earlier income-driven repayment plan by lowering monthly payments, providing faster forgiveness for some, and preventing balances from growing due to unpaid interest.
The Biden administration is making a big push to enroll student loan borrowers in its newest repayment plan before payments resume in October.
As a result of the litigation, President Biden extended the payment pause on federal student loans until June 30, 2023.
One of President Joe Biden’s less headline-grabbing measures to address the student loan crisis last week aims to make debt repayment more affordable for both current and future borrowers.
Critics argued that canceling student loans is regressive rather than progressive, as most with student loans are college educated and earn more. Further, the impact on college tuition pricing and access is unclear.
The White House has been rolling out targeted relief programs that it says have now canceled $132 billion in student debt for more than 3.6 million Americans.
President Joe Biden on Wednesday vetoed a bill that would have repealed months of student loan payment forbearance and banned his up to $20,000 in debt forgiveness — regardless of how the ...
The alternative debt relief through rulemaking was announced by President Biden after the Supreme Court struck down Biden’s up to $20,000 in student loan cancellation in June. This early draft ...