struck down his one-time student debt forgiveness initiative last month and is expected to significantly help low-income borrowers by decreasing monthly payments, limiting interest accrual and reducing the amount borrowers would pay back over their lifetime. It is estimated to cost between $138 billion to $361 billion over 10 years.
IDR plans are designed to lower monthly student loan payments based on income and family size. There are four IDR plans being offered, including SAVE, the Pay As You Earn repayment plan, the Income-Based Repayment plan and the Income-Contingent Repayment plan. Those enrolled in the Revised Pay As You Earn plan will be automatically switched to the new SAVE plan.Joe Biden pictured in the Oval Office of the White House July 27, 2023, in Washington, D.C.
"After 20 or 25 years , your remaining loan balance will be forgiven—or possibly as soon as 10 years under PSLF," the student aid website reads.Public Service Loan Forgiveness program
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