President Biden just announced updates to student loan repayment—here's what borrowers need to know
www.cnbc.com
The Biden Administration wants to make student loan repayment easier and more affordable for middle and low-income earners.

The Brandon jubilee presses on. Income based payment plans are planned to be at a lower pct of discretionary income, the threshold for discretionary income is planned to be higher, and govt will cover/prevent interest from accruing. Obviously not as good as blanket forgiveness, but this is very good to prevent kids/grown kids from being crushed by snowballing debt payments.

And, while this is essentially what was announced last August, it appears at least to more clearly cover grad loans, and this, to my recollection, is the first time that the administration has confirmed continued interest in this policy. Not out of the woods obviously, but an encouraging sign.

  • JoeByeThen [he/him, they/them]
    ·
    2 years ago

    Maybe your googling will get better results than mine did, but I can tell you right off the bat:

    borrowers’ assent to a change in terms of their loan contract can be unilaterally undone by a future administration

    That's not how IBR works. IBR is an assistance program, not a reconsolidation, the terms of your loan don't change, just the handling of repayments. It requires recertification every year; Its the ultimate means testing program and they can easily change the program so that you have to sign up for a different one when it's time to recertify.