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Under the proposal, one year of payments is required for every additional $1000 originally borrowed, up to a cap of 20 years for undergraduate and 25 years for graduate loans. Participants in REPAYE were automatically converted, with all past payments counting toward the proposed forgiveness.
On Jan. 10, the Biden Administration proposed new regulations to reduce federal student loan payments, especially for lower income and middle-income borrowers. The Revised Pay As You Earn (REPAYE)...
In an updated guidance in October 2022, the Department “maintained that borrowers who cross the 20 or 25-year threshold following the account adjustment would start receiving student loan ...
The proposed plan includes relief for borrowers who have been paying their loans for at least 20 or 25 years, automatic forgiveness for borrowers who are eligible for income-driven repayment plans ...
You’ll receive student loan forgiveness of your remaining balance after you’ve made the equivalent of 10 years (or 120 student loan payments) under this program.
The temporary adjustment allows eligible loan borrowers to use past periods of repayment (and even some periods of deferment and forbearance) toward their 20-year and 25-year IDR loan forgiveness ...