Biden Admin Proposes Student Loan Payment Changes As Debt Plan Stalls In Court
View Source | January 10, 2023 2:16 pm
- 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%.
Click to read full article
Go back home
Share This Article: