Joe Biden shares his vision for student loans.
at Keene State University in New Hampshire, Joe Biden, the former vice president and 2020 presidential candidate, shared some thoughts to tackle student loan debt. Here are some highlights:If you're enrolled in an income-driven repayment plan, Biden wants to lower the amount you pay for your student loans each month. Under current income-driven repayment plans, you could pay 10-20% of your discretionary income each month. Biden wants to lower that amount to 5% of your discretionary income.
If you earn $30,000 or less each year, Biden said you should have not have to repay student loans or have interest accumulate on your student loans..Biden supports public service loan forgiveness, a federal program that President George W. Bush initiated in 2007., which would impact borrowers who borrow a new student loan after July 1, 2020.
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