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In April 2022, the Department of Education announced updates that “will bring borrowers closer to forgiveness under income-driven repayment (IDR) plans,” including a one-time adjustment of IDR ...
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)...
Biden announced an additional $600 million in student-loan forgiveness. The relief impacts defrauded borrowers and borrowers on income-based repayment plans.
Payments under the ICR Plan are the lesser of 20% of discretionary income or a 12-year standard repayment amount adjusted based on the borrower's income. Under the SAVE plan, payments are modified and forgiveness provisions were proposed: [1] [3] [4]
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 ...
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 ...