Some of the candidates vying for the presidency say they want to wipe away debt immediately for some borrowers.
This story is the third in a series that looks at how the presidential candidates could shape your family's finances.
Currently, income-driven repayment plans allow borrowers to put off making payments on federal loans if they're unemployed or earn less than 150% of the federal poverty line. That amounts to $18,735 for a single person and $24,360 for a family of two. After a period of years, remaining balances are also forgiven.
Those with higher incomes would also get some relief. For instance, a household earning $160,000 could have $30,000 in student loan debt forgiven. Those earning more than $250,000, however, wouldn't get a similar break.former mayor of South Bend, Indiana, says students who participated in expensive, for-profit educational programs will have their debts erased.
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