The latest major announcement on student loan forgiveness has 5 key takeaways.
The Biden administration made a major announcement Tuesday that will help millions of student loan borrowers get student loan forgiveness and student loan relief. Here are the 5 biggest takeaways:President Joe Biden isn’t done cancelling student loans. It’s clear from this major announcement that Biden is committed to fixing a broken student loan repayment system.
Therefore, the Biden administration is focused on enrolling more student loan borrowers in income-driven repayment. With income-driven repayment plans such as IBR, PAYE, REPAYE and ICR, student loan borrowers pay their federal student loans based on their family size and discretionary income. As such, borrowers could pay as low as $0 a month. After 20 years, student loan borrowers can get student loan forgiveness for their college student loans.
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