Ticking clock: More student loan forgiveness plans announced as borrowers prepare for payments resuming this fall

The clock is ticking as student loan payments are expected to resume this fall after a three-year pause brought on by the pandemic.At 30 years old, Jonathan McGee, of Englewood, works full-time with three college degrees under his belt, including two masters.

Now, for certain borrowers, the president is trying two other paths forward, each having to do with income-driven repayment plans.that the Department of Education would automatically erase $39 billion in debt, likely for more than 800,000 borrowers on income repayment plans, which have accumulated the equivalent of 20 or 25 years of payments.

“It’s much more generous now than all of the existing income driven repayment plans for borrowers,” Desjean said.

Education Education Latest News, Education Education Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

2 big takeaways from the Supreme Court ruling on Biden's student loan forgiveness planConservative Supreme Court justices found that Biden’s plan would hurt Missouri’s finances, and that the president didn’t have the power to cancel so much debt.
Source: NBCPhiladelphia - 🏆 569. / 51 Read more »