The latest major announcement on student loan forgiveness has 5 key takeaways.
The Biden administration made a major announcement Tuesday that will help millions of student loan borrowers get student loan forgiveness and student loan relief. Here are the 5 biggest takeaways:President Joe Biden isn’t done cancelling student loans. It’s clear from this major announcement that Biden is committed to fixing a broken student loan repayment system.
Therefore, the Biden administration is focused on enrolling more student loan borrowers in income-driven repayment. With income-driven repayment plans such as IBR, PAYE, REPAYE and ICR, student loan borrowers pay their federal student loans based on their family size and discretionary income. As such, borrowers could pay as low as $0 a month. After 20 years, student loan borrowers can get student loan forgiveness for their college student loans.
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Biden's latest student debt move will bring 3.6 million borrowers closer to loan forgivenessThe Department of Education is making more changes to the federal student loan system that will help bring millions of borrowers -- some of whom may have previously been in forbearance -- closer to receiving debt forgiveness.
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Biden's latest student debt move will bring 3.6 million borrowers closer to loan forgivenessThe Department of Education is making more changes to the federal student loan system that will help bring millions of borrowers -- some of whom may have previously been in forbearance -- closer to receiving debt forgiveness.
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Biden's latest student debt move will bring 3.6 million borrowers closer to loan forgivenessThe Department of Education is making more changes to the federal student loan system that will help bring millions of borrowers -- some of whom may have previously been in forbearance -- closer to receiving debt forgiveness.
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College students weigh in on the student loan crisis as Biden again extends payment pauseCollege students shared whether they support student loan forgiveness as the Biden administration considers what it will do when the payment freeze expires.
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Biden administration launches student loan review, says 40,000 borrowers will see debt canceledThe Biden administration will review its student debt portfolio, which will correct for past mistakes that denied 3.6 million borrowers credit toward student loan forgiveness and will lead to immediate cancellation of debt for roughly 40,000 borrowers.
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