“Student debt has become a dream killer,” Education Secretary Miguel Cardona said. “This is a promise to the American people that, at long last, we will fix a broken system and make student loans affordable.”
If it’s finalized, the proposal would give a major overhaul to income-driven repayment plans — one of several payment options offered by the federal government. The resulting plan would have lower monthly payments, an easier path to forgiveness and a promise that unpaid interest will not be added to a borrower’s loan balance.
As long as borrowers make their monthly payments, any unpaid interest would not be charged. The change is meant to prevent borrowers from having unpaid interest added to their loan balance, a practice that can cause debt to snowball even as borrowers make payments. Supporters see the proposal as a significant stride toward college affordability. Some say it’s so generous that it approaches free community college — a campaign promise that Biden has pushed but failed to deliver.
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Department of Education to propose lower payments for millions of student loan borrowers | CNN PoliticsA new proposal from the Biden administration would lower federal student loan payments for some Americans -- and pause payments completely for anyone making less than $30,600 a year. Making concessions to the conservatives again. Here's an idea 💡. Lower interest rate and forgive in school interest and penalties. Restructure loans to be more fair. You can't pay principal til that nasty interest is fully paid. Kind of similar to old Rule of 78s Huh nothing about the CLASSIFIED documents found in one of Bidens offices huh, shocked CNN isn’t reporting on that
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Biden's Department of Education announces plan for 'transforming' student loan repaymentThe Biden administration is proposing amendments to the Revised Pay As You Earn (PEPAYE) program made available in 2016. There is nothing the biden regime won't do that will destroy your financial status & quality of life. They will also do everything they can to ruin your Life, Liberty & Pursuit of Happiness. All democrats are greedy, pathological serial liars & their supporters enablers. Idiot
Source: abc15 - 🏆 263. / 63 Read more »
Feds propose 'student loan safety net' alongside forgivenessThe White House is moving forward with a proposal that would lower student debt payments for millions of Americans now and in the future
Source: WOKVNews - 🏆 247. / 63 Read more »
Feds propose 'student loan safety net' alongside forgivenessThe White House is moving forward with a proposal that would lower student debt payments for millions of Americans now and in the future, offering a new route to repay federal loans under far more generous terms.
Source: wjxt4 - 🏆 246. / 63 Read more »
Feds propose ‘student loan safety net’ alongside forgivenessThe 'safety net” will prevent borrowers from getting overloaded with debt. It time the government gets out of the student loans business and force universities to take on the debt.
Source: PennLive - 🏆 463. / 53 Read more »
Feds propose ‘student loan safety net’ alongside forgivenessThe White House is moving forward with a proposal that would lower student debt payments for millions of Americans, offering a new route to repay federal loans under far more generous terms. Easy solution. You take out a loan.............Pay it back! I don’t get it. Help for people able to work and nothing for the elderly and disabled. Forgotten citizens! You should tell the whole story on the student debt along with how the delay of payment is getting credit for their payment along with ones already out of college making hundreds of thousands more than ones with no college. The whole story please.
Source: NBCNews - 🏆 10. / 86 Read more »