Biden Admin Proposes Student Loan Payment Changes As Debt Plan Stalls In Court

  • The U.S. Department of Education unveiled a new regulatory proposal Tuesday that makes significant changes to a federal program designed to accommodate the financial situations of student loan borrowers with low incomes.
  • The proposed regulations, which now enter a 30-day period of public comment, modify the rules governing the Federal Student Aid office’s income-driven repayment program. Under the proposal, borrowers with an annual income of less than $30,600 will not have to make any monthly payments.
  • For all other borrowers on an income-driven repayment plan, the new regulations would reduce their monthly payments from 10% of their monthly income above the poverty line to 5%.
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