FILE - President Joe Biden speaks about student loan debt relief at Delaware State University, Oct. 21, 2022, in Dover, Del. A federal appeals court has allowed the U.S. Education Department to move ahead with a plan to lower monthly payments for millions of student loans borrowers. WASHINGTON —
The reduced payment threshold was set to take effect July 1, but federal judges in Kansas and Missouri last weekmuch of the administration’s student loan repayment plan in two separate rulings. The ruling on Sunday means the department can move ahead with the reduced payments already calculated while it pursues an appeal.
“Borrowers are having to make decisions right now about their financial lives, and they don’t know the very basic information that they need in order to make informed decisions,” Yu said.last year to replace other existing income-based repayment plans offered by the federal government. It allowed many to qualify for lower payments, and forgiveness was granted to borrowers who had made payments for at least 10 years and originally borrowed $12,000 or less.
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